Hollis Eden Pharmaceuticals says net loss widens to $29.4 million in 2005

By Angela McDaniels

Seattle, March 16 - Hollis-Eden Pharmaceuticals Inc.'s net loss increased 24% to $10.4 million, or $0.50 per share, for the fourth quarter ended Dec. 31 from $8.4 million, or $0.44 per share, in the fourth quarter of 2004, according to a company news release.

For the full year, net loss increased 19% to $29.4 million, or $1.46 per share, from $24.8 million, or $1.28 per share, for 2004.

Included in the fourth-quarter and year-end 2005 loss was $3 million relating to the settlement of a dispute with Edenland Inc. over the sponsored research and license agreement between the companies, which has been terminated.

Revenue for 2005 and 2004 totaled $56,000 and $63,000, respectively, from funding of research and development expenses by Cystic Fibrosis Foundation Therapeutics Inc. under the company's collaboration with the foundation, according to the release.

Hollis-Eden said it remained actively focused during 2005 on the development of Neumune as a potential therapy for acute radiation syndrome.

"Advancing Neumune for potential procurement by the U.S. government as a medical countermeasure for a nuclear or radiological terrorist attack or accident was a top priority for the company during 2005," chairman and chief executive officer Richard B. Hollis said in the release.

The company is working to secure an advance purchase contract for Neumune under Project BioShield, legislation that has allocated $6 billion to purchase medical countermeasures against weapons of mass destruction.

Hollis-Eden is a development-stage pharmaceutical company based in San Diego that is developing a new class of investigational drugs known as immune-regulating hormones.

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