CytRx says net loss tightens to $15.1 million despite 57% drop in 2005 revenue

By Angela McDaniels

Seattle, March 31 - CytRx Corp.'s net loss decreased by 8% to $15.1 million, or $0.27 per share, for the year ended Dec. 31 from a net loss of $16.4 million, or $0.48 per share, for the year ended Dec. 31, 2004, according to a company news release.

Net loss decreased by 38% to $3.6 million, or $0.06 per share, for the fourth quarter ended Dec. 31 from $5.8 million, or $0.15 per share, for the fourth quarter of 2004.

Revenue decreased by 57% to $184,000 for 2005 from $428,000 for 2004. Revenue increased 73% to $173,000 for the fourth quarter of 2005 from $100,000 for the fourth quarter of 2004.

CytRx said revenue for 2005 included $100,000 of license fees paid for CytRx's TranzFect technology and $83,000 of service revenue, while 2004 revenue consisted entirely of license fees.

As of Dec. 31, cash and cash equivalents totaled $8.3 million, compared with $3.0 million a year earlier. The increase reflects completion of a private placement in January 2005 with net proceeds to the company of $19.4 million, according to the release.

CytRx is a biopharmaceutical company based in Los Angeles.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.