Higher sales still do not cover Hybrigenics' costs
Hybrigenics, a French biopharmaceutical company with a focus on cancer treatments, reported a deepened loss for the full-year 2008,
The firm's net deficit increased to 6.4 million euros ($8.5 million) versus a loss of 6.0 million euros. As of December 31, 2008, the firm had 2.4 million euros in cash and cash equivalents, down 70% on the year before. The company's chief executive Remi Delansorne said that current funds would last at least until the end of the year.
Sales were up 24% to 3.6 million euros. Pharmaceutical turnover increased 33% to 600,000 euros. Total operating costs rose 19% to 11.5 million euros.
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