Texas Biotech announces financial loss

USA-based Texas Biotechnology Corp has announced a net loss of $19.1million, or $0.44 per basic and diluted share, for the financial year 2001. The figures for the same period of 2000 were $5.7 million, or $0.14, respectively. The increased loss was due to additional R&D costs, according to the company. The results for the fourth quarter of 2001 showed a net loss of $7.8 million, or $0.18 per basic and diluted share, compared to $2.8 million, or $0.07, respectively, for the same period in 2000. The increased loss in this period was primarily due to costs associated with ongoing clinical trials.

Total R&D expenses reached $9.2 million for the last quarter of 2001, said the firm, noting an increase of $4.0 million compared to the same quarter in 2000. The same expenses for the full year were $26.9 million in 2001, a $9.9 million increase from 2000.

The corporation's revenues were $8.9 million for 2001, compared with $8.2 million in 2000. Investment income reached $5.2 million in 2001, which was $874,000 higher than in 2000.