Net Loss Rises In Year Of Clinical Progress At Celtrix

For the fiscal year ended March 31, US biopharmaceutical company Celtrixreported a net loss of $12.7 million, compared with $7.2 million in the previous 12 months. The loss per share was 83 cents, compared with 51 cents a year earlier.

The company said that operating expenses had increased 6% to $13.8 million due to costs of human clinical trials and the manufacture of SomatoKine, its novel IGF-BP3 therapeutic.

Phase I studies have demonstrated significant safety and initial efficacy, said the company, which has led it to initiate Phase II feasibility studies for the treatment of hip fracture surgery. "Clinical findings from the hip fracture study will guide expansion into a full Phase II clinical study planned for later this fiscal year," commented Andreas Sommer, the firm's president and chief executive officer.