Q3 update: Phase III trial enrollment complete; Thelin shows promise.

2004 DEC 2 - (NewsRx.com & NewsRx.net) -- Encysive Pharmaceuticals (ENCY) announced financial results for the third quarter ended September 30, 2004.

"Once again, we've had a productive quarter," said Bruce D. Given, MD, president and CEO of Encysive Pharmaceuticals. "Enrollment is now complete for our phase III controlled trials, important new data has been presented regarding Thelin's clinical potential, and we strengthened our balance sheet with a highly successful offering."

For the third quarter of 2004, the company reported a net loss of approximately $16.6 million, or $0.31 per basic and diluted share, compared to a net loss of approximately $7.5 million, or $0.17 per basic and diluted share, for the same period last year. The increased loss in 2004 over 2003 is primarily the result of increased research and development costs associated with our late-stage clinical trial program supporting Thelin.

Revenue for the third quarter of 2004 was approximately $2.6 million compared to $3.4 million for the same period in 2003. The company's royalties on net sales of Argatroban by GlaxoSmithKline increased to $2.3 million from $1.4 million earned in the same period in 2003, an increase of 66.9%. Research agreement revenues declined $0.8 million, as funding under the research agreement with Schering-Plough ended on June 30, 2004. Also, in the third quarter of 2003, the company recognized the remaining deferred milestone payment that had previously been received from Mitsubishi Pharma Corp. totaling approximately $0.9 million.

Cash, cash equivalents, and investments at September 30, 2004, were approximately $83.2 million compared to approximately $85.5 million on December 31, 2003. As a result of the financing in September, the company expects to have cash and investments at year end of approximately $60-62 million.

Encysive presented new ...