Rising R&D costs at Novuspharma
Novuspharma, an Italian biotechnology firm based in Monza, has posted anet loss of 3.7 million euros ($3.3 million) for the first quarter of 2001, up from 1.7 million euros in the like, year-earlier period. R&D expenditure almost tripled to 3.4 million euros, while the company ended the reporting period with a total of 151.8 million euros in cash.
Novuspharma, which specializes in oncology, noted that it now has four products in clinical development compared with two a year ago. BBR 2778 is a treatment for non-Hodgkin's lymphoma, which is in Phase II trials, while enrolment for a Phase II study of BBR 3464 in non-small-cell lung, stomach, ovarian and small-cell lung cancers is continuing. The company's other potential products are focused on treating prostate and stomach tumors.
Silvano Spinelli, Novuspharma's chief executive, said that the firm's R&D spend "remains well within budget and we continue to make strong progress in all our clinical programs."
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