Vivus' 1st-qtr 2007 net loss narrows to $7.4M

US drugmaker Vivus says that its total revenues for the first quarter of 2007 totaled $1.7 million, leaping 30.8% on the like, year-ago period, due to the timing of international orders from the firm's European distribution partner.

As a result of this improvement and lower operating expenses, net loss narrowed to $7.4 million or $0.13 per share, from $8.8 million, or $0.20 per share. Vivus's lower operating costs were attributable to decreased cost of goods sold due to an inventory write-down in the first quarter of 2006 related to the purchase of alprostadil, considered to be in excess of production needs, a net overall reduction in R&D spending offset by increased operating expenses due to higher non-cash stock compensation costs. Commenting on the year so far, chief executive Leland Wilson said that "the sale of the EvaMist rights to KV Pharmaceuticals at the end of the first quarter provides us with a solid financial base on which to initiate the Phase III trials for [investigational obesity therapy] Qnexa (phentermine and topriamate)."