Higher product development revenues lifted Epix Medical Inc.'s financial results in the third quarter.
The developer of specialty pharmaceuticals for MRI reported revenues of $3.9 million, compared with $2.8 million in the third quarter of 2002. Epix cited May collaboration agreements with Schering AG, of Berlin, for EP-2104R and MRI research and to an increase in royalties from Bracco S.p.A., of Milan, Italy. These increases were partly offset by decreases in product development revenues from MS-325, the Company's lead product under development, resulting from completion of the Phase III clinical program.
For the nine-month period, revenues climbed to $11.2 million, compared with $8.6 million in the same period of 2002. The net loss slid to $12.4 million, compared with a net loss of $16.9 million in the year-ago period.