Gentium's 1st-qtr 2008 net loss widens 27%

Italian drug developer Gentium SpA says that, in the first quarter of 2008, total revenues reached 2.7 million euros ($4.1 million), compared with 1.2 million euros in the like, year-ago period. Despite this, net loss amounted to 6.1 million euros versus 4.8 million euros, with basic and diluted net loss per share of 0.41 euros vs 0.36 euros.

The operating deficit deepened to 4.8 million euros from 4.2 million euros, and pretax loss widened to 6.1 million euros vs 4.8 million euros, as operating costs rose to L7.5 million from L5.4 million, while R&D expenses reached 3.6 million euros from 2.7 million euros.

At the start of last year (Marketletter January 15, 2007), Gentium acquired domestic marketing authorizations for Defibrotide and other related assets, from fellow Italian drugmaker Crinos SpA for 16.0 million euros in cash and other considerations. Development of the firm's lead product, which is in development as a treatment for veno-occlusive disease, suffered a setback during the reporting period.