Abraxane rights cost deepens Abraxis' loss
US company Abraxis BioScience's loss deepened more than five-fold, year-on-year for 2008, on costs for the re-purchase of rights to lead drug Abraxane (albumin-bound paclitaxel; Marketletter December 1, 2008).
Revenue rose 3% to $345.3 million, driven primarily by sales of Abraxane, which were up 3% to $335.6 million. R&D expenses were $103.6 million, rising 17%.
The company's net loss was $276.8 million, or $6.91 loss per share, versus a loss of $41.6 million, or $1.04 loss per share. As of December 31, 2008, the firm had $306.4 million in cash and cash equivalents, down 57% from the end of the previous year.
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