Pharmacopeia's 4th-qtr loss more than doubles

US drugmaker Pharmacopeia's net revenue totaled $3.3 million in the three months ended December 31, 2006, from $5.6 million in the like, year-ago period, due to a $2.5 million decrease in milestone income.

During the period, the firm saw a net loss of $8.3 million, or $0.41 per share versus $3.1 million, or $0.20 per share. The firm's results were impacted by a 68% increase in R&D expenses to $6.0 million due to costs related to preclinical development studies for the dual angiotensin and endothelin receptor antagonist compound portfolio, which it licensed earlier in the year from US drug major Bristol-Myers Squibb for development and commercialization (Marketletter April 10, 2006).

Looking ahead to full-year 2007, the firm said it hopes to advance the DARA compound PS433540 into a clinical trial in hypertensive patients, progress an internal program into preclinical development and achieve significant milestones in collaborative alliances to end the year with $50.0 million to $55.0 million in cash, cash equivalents and marketable securities.