Kos Pharmaceuticals of Miami, Florida, has announced results for thefourth quarter and fiscal year ended June 30, 1997, which show a reduction in net loss for the quarter of 37.1%, down to $6.6 million. For the year, the company reported a net loss of $23.1 million, compared to $21 million for the same period in 1996.
The losses are a result of continued investment in R&D, coupled with the establishment of a sales and marketing infrastructure, including more than 85 sales staff, in anticipation of US Food and Drug Administration approval for its initial product Niaspan (niacin), for the treatment of mixed lipid disorders (Marketletter August 4), which it received on July 28.
Chief executive Daniel Bell says that the 1997 fiscal year results "mark the transition for Kos from a development-stage company to a revenue-generating, fully-integrated pharmaceutical company."
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