Praecis: 3Q net loss widens, company continues to look at strategic options

By Lisa Kerner

Charlotte, N.C., Nov. 9 - Praecis Pharmaceuticals Inc. said its net loss for the third quarter increased to $6.8 million, or $0.63 per diluted share, from $5.2 million, or $0.49 per diluted share, for the three months ended Sept. 30, 2005.

The company attributed the increased net loss primarily to a decrease in product sales and licensing revenues related to Plenaxis.

For the nine months ended Sept. 30, Praecis reported a net loss of $28.9 million, or $2.73 per diluted share, down from a net loss of $59.9 million, or $5.71 per diluted share, for the prior-year period.

Praecis had cash and cash equivalents of $40.4 million at Sept. 30, compared with cash, cash equivalents and marketable securities of $62.6 million at Dec. 31, 2005.

"During the third quarter, we continued to make significant progress in our PPI-2458 clinical development program, our DirectSelect pilot drug discovery programs and our S1P-1 research and development program," president and chief executive officer Kevin F. McLaughlin said in a company news release.

The company is "actively exploring strategic options," which may be available, although no decisions have been made, officials said.

Praecis is a Waltham, Mass.-based biopharmaceutical company.

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