Cortex, Enzon And Mylan Results

Among US firms still reporting results for the period to June 30, 1997,Cortex Pharmaceuticals saw a net loss of $4.9 million ($0.83 per share) for the 12 months, compared with 4.2 million or $0.64 in the like, year-earlier period, and a net loss of $1.3 million ($0.25 per share) compared with $988,706 ($0.14) for the three months. Increased clinical development spending is attributed to the higher loss, and president and chief executive, Vincent Simmon, noted that Cortex expanded its program with Ampalex (CX516), initiating trials in Alzheimer's and schizophrenia patients.

For the year ended June 30, Enzon Inc reports a net loss of $4.6 million, or $0.16 per share, compared with $5.2 million, or $0.20 per share, the previous year. Sales for the year improved 10% to reach $11.6 million, largely due to higher revenues from Adagen (adenosine deaminase) and Oncapar (pegasporgaze).

Mylan Laboratories says that for its first quarter to June 30, net sales grew 10.8% to $109.2 million, while earnings before tax rose 11.6% to $22.3 million and net earnings were up 18.5% at $16.6 million. Company chief Milan Puskar says it is the combination of new drug approvals and the rise in unit sales of existing products that has allowed the firm to realize this growth; 1.6 billion units were produced, compared with 1.4 billion last year.