Quarterly Loss $4.2 Million for Vacaville Biotech Firm
Posted on: Wednesday, 10 August 2005, 15:01 CDT
Aug. 10--Vacaville biotechnology company Large Scale Biology Corp. reported more quarterly losses Tuesday but said it is making progress.
The company, which has various therapies and diagnostic products in development, said it lost $4.2 million, or 13 cents a share, in the second quarter. That was slightly more than last year's loss of $4.1 million, or 13 cents a share.
Revenue increased to $680,000 from $362,000.
Kevin Ryan, president and chief executive, said the quarter "reflected progress in all areas of our business."
Among other things, the company's diagnostics subsidiary, working with pharmaceutical giant PerkinElmer Inc., has made progress toward developing a blood test for Alzheimer's disease. And Large Scale was granted "orphan drug status" by the Food and Drug Administration on a product under development that would break down fat deposits. Orphan status, granted for drugs that treat extremely rare diseases, gives the company an exclusive window for bringing the drug to market.
The financial results were announced a day after the struggling company received a significant equity infusion from a Connecticut investment firm. Under the deal, Southridge Capital Management can buy up to $15 million in stock from the company at a 7 percent discount. In addition, Ryan and Large Scale Chairman Robert Erwin loaned the company a total of $1 million.
Large Scale's stock closed at 90 cents, up 2 cents, on the Nasdaq Small Cap Market. The company was recently taken off the Nasdaq National Market because its shareholders' equity fell below the $10 million minimum required by Nasdaq.
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Source: The Sacramento Bee
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