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Immunotherapeutics company sees Q3 revenue increase.
2004 DEC 1 - (NewsRx.com & NewsRx.net) -- Corixa Corp. (CRXA), a developer of immunotherapeutics, announced financial results for the third quarter ended September 30, 2004.
For the third quarter of 2004 Corixa reported total revenue of $8.9 million, compared with total revenue of $7.4 million for the third quarter of 2003.
Net loss applicable to common stockholders for the third quarter of 2004 was $20.5 million, compared with net loss of $28.1 million for the third quarter of 2003. The net loss for the third quarter of 2003 included a $5.9 million impairment charge associated with subleasing of an additional 17,000 square feet of improved space in South San Francisco, California.
Diluted net loss per common share for the third quarter of 2004 was $0.37, compared with diluted net loss per common share of $0.51 for the third quarter of 2003. Excluding acquisition-related charges, such as intangible and deferred compensation amortization and a lease-related impairment charge, net loss applicable to common stockholders and diluted net loss per common share for the third quarter of 2004 were $20.3 million and $0.36, respectively, compared with net loss applicable to common stockholders and diluted net loss per common share of $21.9 million and $0.40, respectively, for the third quarter of 2003.
Corixa copromotion revenue or expense under its agreement with GlaxoSmithKline (GSK) for the sale of BEXXAR therapeutic regimen in the United States is determined based on the calculation of joint profit or loss, which is included in revenue for the quarter ended September 30, 2004. Until product sales increase, Corixa expects to record losses from the joint business agreement, reflecting increased expenses for the cost of copromotion revenue, promotion, education, and training. BEXXAR sales in the third quarter of 2004 were $2.5 million, compared with second-quarter 2004 sales of $2.2 million.
For the first 9 months of 2004, Corixa reported total revenue of $22 million, compared with total revenue of $36.5 million for the first 9 months of 2003. Net loss applicable to common stockholders for the first 9 months of 2004 was $52.2 million, compared with net loss of $68.0 million for the first 9 months of 2003.
Diluted net loss per common share for the first 9 months of 2004 was $0.94, compared with diluted net loss per common share of $1.31 for the first 9 months of 2003. Excluding acquisition-related charges, such as intangible and deferred compensation amortization, and a lease-related impairment charge, net loss applicable to common stockholders and diluted net loss per common share for the first 9 months of 2004 were $51.7 million and $0.93, respectively, compared with net loss applicable to common ...
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