Bothell, Wash.-based Nastech, which is in "a clinical research collaboration" with on Mayo Clinic on developing a rheumatoid arthritis treatment, reported its first quarter earnings this morning.
It seems like it got a huge bump from a FDA OK of Nascobal spray, used for treating B-12 deficiency.
Here's some from its report:
Nastech Pharmaceutical Company Inc. (NSTK) today reported financial results for the quarter ended March 31, 2005.
Revenue for the quarter ended March 31, 2005 was $3.3 million, compared to revenue of $0.1 million for the quarter ended March 31, 2004. The increase in revenue reflects a $2.0 million milestone payment received upon FDA approval of Nascobal(R) spray, and growth in the number of revenue generating collaborative arrangements established with pharmaceutical and biotechnology partners.
The net loss for the current quarter was $6.1 million or $0.34 per share, compared to a net loss of $7.6 million or $0.64 per share for the prior year period. The reduction in net loss was primarily due to the current year increase in revenue recognition, including reimbursement of research and development expenses related to our PYY(3-36) obesity project from Merck & Co.
Research and development expenses increased $1.4 million to $7.2 million for the current quarter compared to the prior year period due to the timing of clinical program activities for products under development, and increases in the number of R&D employees and project expenses.
Selling, general and administrative expenses increased $0.6 million to $2.5 million for the current quarter compared to the prior year period, primarily due to increases in market research, amortization of non-cash stock compensation expense and accounting and legal fees.
Nastech ended the first quarter of 2005 with $58.6 million in cash, cash equivalents and investments compared to $74.5 million at December 31, 2004. Nastech paid off its bank debt of $8.4 million during the quarter ended March 31, 2005.
RECENT CORPORATE HIGHLIGHTS
-- Entered into a clinical research collaboration with the Mayo Clinic
to evaluate Nastech's RNA interference (RNAi)-based therapeutic
formulations in immune cells from patients with rheumatoid