DECREASE IN LOSS FOR SOMATOGEN
For the fiscal third quarter ended March 31, 1994, Somatogen posted a net loss of $5 million, which was less than the $6.4 million loss in the like, year-earlier period. The loss per share was $0.32 compared with $0.64.
The decrease in the net loss was attributed to reductions in manufacturing-related expenditures and ongoing efforts to reduce the overall cash burn rate, which has been cut from an average $4.7 million per month in the 1993 fiscal fourth quarter to $2.4 million in the last fiscal quarter.
The company said that it continues to make progress in its study of rHb1.1 in anesthetized surgical patients being conducted at the University of Utah in the USA. During the quarter, clinical results were released from safety studies with the blood substitute product (Marketletter April 18). Somatogen is currently working on implementing an improved commercial manufacturing process for rHb1.1 in its pilot plant facility.
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