Myogen 1Q revenues increase to $3.8 million, ambrisentan closer to commercialization

By Lisa Kerner

Erie, Pa., May 8 - Myogen, Inc. reported revenues for the first quarter of $3.8 million, up from $1.7 million in the first-quarter 2005.

Net loss for the period was $15.8 million, or $0.42 per share, less than the $18.3 million, or $0.52 per share, reported for the same period last year.

As of March 31, the company had cash, cash equivalents and investments of $193.8 million, an increase from the $180.1 million on Dec. 31.

"We accomplished a great deal in the first quarter," president and chief executive officer J. William Freytag said in a company news release.

"The continuous stream of positive clinical trial results for ambrisentan, receipt of Food and Drug Administration fast track designation for ambrisentan and formation of a PAH (pulmonary arterial hypertension) collaboration with GlaxoSmithKline were all key steps toward our ultimate goal of registering and commercializing ambrisentan on a worldwide basis."

In addition, Myogen moved closer to transition to a commercial company by obtaining U.S. marketing and distribution rights to Flolan, officials said.

Myogen said it also made progress with the darusentan phase 3 clinical development program in resistant hypertension and plans to begin the first phase 3 trial in the second quarter of this year.

Company guidance for 2006 includes total Flolan net revenue of $3.5 million to $4.5 million, total research and development contract revenue of $6.5 million to $7.2 million and basic net loss per share between $2.30 and $2.75.

Myogen believes its cash, cash equivalents and investments are sufficient to fund operations through at least the end of 2007.

Denver-based Myogen is discover, develops and commercializes small molecule therapeutics for the treatment of cardiovascular disorders.

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