Cephalon 1st-Qtr Loss Increases
US biotechnology firm Cephalon Inc says its loss for the first quarterof 1997 amounted to $15.1 million, or $0.61 per share, compared with $14.9 million, or $0.62 per share in the like, year-earlier quarter.
However, revenues were up, rising from $3.7 million to $5.6 million, reflecting certain payments to Cephalon under deals with Chiron Corp, SmithKline Beecham and TAP Holdings. In addition, first-quarter 1997 revenues reflect a $1.0 million payment from Japan's Kyowa Hakko upon filing of the Myotrophin (mecasermin; recombinant DNA origin) injection New Drug Application in February.
During the quarter, Cephalon says it incurred operating expenses of $21.9 million (up on $19.8 million a year earlier) but R&D spending decreased to $13.2 million from $14.3 million. As at March 31, the company had around $128 million in cash and marketable securities.
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