Higher revenue from product development business helped Epix Medical Inc. raise revenues and reduce its net loss in 2003.
Last year's revenues increased to $13.5 million, compared with $12.3 million in 2002. Epix also posted a net loss of $20.8 million, compared with a net loss of $22.2 million in 2002.
A decrease in operating expenses resulted primarily from lower research and development costs related to the company's MRI contrast agent MS-325 and EP-2104R. EP-2104R is an imaging agent specifically designed to enable detection of thrombus, or blood clots, in humans using MRI. Epix expects to enter human trials with this contrast agent in 2004.