Somatogen's 3rd Qtr, And Plans To Restructure
Somatogen, which develops recombinant hemoglobin-based products, hasreviewed and reprioritized its projects following its partner Eli Lilly's decision to discontinue support for Somatogen's blood substitute product Optro (rHb1.1; Marketletter April 14). The restructuring will result in the loss of 67 full- and part-time jobs, reducing the number of employees to 137.
In the firm's fiscal third quarter ended March 31, the net loss was $4.4 million, or 21 cents per share, if income recognized on a $6 million termination obligation from Eli Lilly is excluded. The firm said that including this amount, net income was $1.6 million, or 7 cent per share.
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