Atrix Laboratories (Nasdaq: ATRX) Q4 in line; four-month Eligard launched. (Leerink Swann & Company).(financial analysis and rating)

Publication: Buyside

Publication Date: 01-APR-03

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COPYRIGHT 2003 Adams Business Media

March 7, 2003

Outperform

COMPANY DESCRIPTION:

Atrix is a multiple opportunities drug delivery and drug development company. With five patented technologies, the company specializes in non-oral drug delivery providing parenteral, transmucosal, and topical delivery of proteins, peptides, and small molecules with the goal of making pharmaceutical products more effective and more patient friendly with less side effects.

TO THE POINT:

* ATRX reported Q4 operating net losses of $5.3M ($0.27 per share) on revenues of $7.3M, roughly in-line with recently issued guidance and our estimates, which called for a net loss of $5.9M ($0.29 per share) on revenues of $7.6M.

* Importantly, Atrix announced that Sanofi-Synthelabo-partnered Eligard 30mg, the four-month depot formulation of leuprolide acetate, was launched yesterday, roughly two weeks following FDA approval and slightly ahead of our expectations. Commercial availability of the four-month...

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