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Gentium says loss hits €12.43 million in 2005, predicts 'significantly larger' loss in 2006
By Angela McDaniels
Seattle, April 13 - Gentium SpA said its net loss increased by 77% to €12.43 million, or €1.79 per basic and diluted share, for the year ended Dec. 31 from €7.03 million, or €1.41 per basic and diluted share, for the year ended Dec. 31, 2004.
Net loss decreased by 37% to €2.51 million, or €0.27 per basic and diluted share, for the fourth quarter ended Dec. 31 from €4 million, or €0.80 per basic and diluted share, for the fourth quarter ended Dec. 31, 2004.
The company predicted a "significantly larger" loss in 2006 due to an increase in staffing and an increase in clinical trials and related research and development spending.
Total revenue decreased slightly to €3.64 million for 2005 from €3.70 million for 2004, according to a company news release. Total revenue increased by 17% to €1.44 million for the fourth quarter of 2005 from €1.23 million for the fourth quarter of 2004.
The company said that an increase in product sales during 2005 was offset by a decrease in milestone payments. Gentium further attributed the fluctuation in revenue to changes in demand by its principal customer, Sirton, which experienced a slight increase in demand from its principal customer, Crinos, and to a decrease in sales in 2005 from a customer in Korea.
Cash and cash equivalents were €12.8 million at Dec. 31.
The company noted that its manufacturing facility was closed from February 2004 through August 2004 for a major upgrade; therefore, comparison of 2005 operating results with 2004 results may not be meaningful.
Gentium is a biopharmaceutical company located in Villa Guardia, Como, Italy, that develops drugs to treat vascular diseases and conditions related to cancer and cancer treatments.
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