IDEC 1996 Results

- IDEC Pharmaceuticals achieved total revenues of $30 million in 1996,up 27%. The firm's net loss was just under $5 million, compared with $17.3 million a year earlier. The loss per share was $0.34, compared with $1.18 in 1995. IDEC ended the year with $78.7 million in cash, cash equivalents and marketable securities, up from $24.8 million in 1995. William Rastetter, chairman, president and chief executive, said that the year was one of great achievement both in the clinic and financially. IDEC's lead product, rituximab, formerly IDEC-C2B8, completed pivotal Phase III clinical trials with positive results, and the firm has since submitted a Biological License Application to the US Food and Drug Administration and a Marketing Authorization Application to the European Medicines Evaluation Agency (Marketletter March 10).