CAL BIO FOURTH QUARTER LOSS

California Biotechnology of the USA reported a net loss of $17.2 million for the 1991 fiscal year. The loss was greater than that made in 1990 due to a charge to earnings of $6.2 million in the fourth quarter to acquire the outstanding minority interest in its subsidiary, Metabolic Biosystems. The loss per share for 1991 was $1.18. Revenues were $7.3 million.

For the fourth quarter, Cal Bio made a net loss of $10.6 million. Revenues were down 53% for the quarter to $1.4 million. The loss per share was 63 cents.

"Our 1991 financial results reduced revenues and increased expenses compared to the previous year," commented Richard Casey, president and chief executive. "As expected, under our collaboration with Pfizer Inc, research contract revenues were lower as insulinotropin advanced into development performed directly by Pfizer. In addition, Cal Bio acquired the outstanding minority interest in Metabolic Biosystems to regain the full commercial potential of insulinotropin and insulin analogues," he added.