Genaera says product revenues down 49% to $446 million for 2005

By Lisa Kerner

Erie, Pa., March 1 - Genaera Corp. product revenues decreased by 49% to $446 million for the fiscal year ended Dec. 31 from $873 million in the prior year, according to a company news release.

But for the fourth quarter, product revenues increased by 45% to $42 million from $29 million in the year-ago period.

"Significant changes took place in the market for AMD treatments in 2005. The company is proactively adapting to the competitive challenges in the marketplace in order to further advance Evizon for the treatment of AMD," president and chief executive officer Jack Armstrong said in the release.

"We continue to make progress with our other programs and are looking to strengthen our pipeline by furthering development of our earlier stage compounds, including squalamine for oncology, as well as our preclinical compounds. We look forward to reporting data from our on-going and planned trials in the coming year and remain optimistic about our future."

Genaera reported a net loss of $26.4 million, or $0.44 per share, for the full-year 2005, compared with a net loss of $17.9 million, or $0.34 per share, in 2004. For the fourth quarter, the net loss increased to $7.8 million, or $0.11 per share, from a net loss of $4.9 million, or $0.08 per share, in the year-ago period.

Cash, cash equivalents and short-term investments totaled $32.22 million on Dec. 31, up slightly from $32.15 million on Dec. 31, 2004.

Genaera is a biopharmaceutical company located in Plymouth Meeting, Pa., that develops products for the treatment of eye, cancer and respiratory disorders.

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