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Sclor's third-quarter revenues up more than four-fold from prior year
By Lisa Kerner
Charlotte, N.C., Nov, 6 - Sclor Pharma, Inc. said its revenues for the three months ended Sept. 30 "increased significantly" to just over $1.0 million from $205,764 for the comparable period in 2005.
The company attributed the increase to $866,000 of research and development income related to a license agreement with Wyeth Consumer Healthcare, a division of Wyeth.
Sclor's operating loss was $3.3 million for the quarter, up from a loss of $1.9 million for the year-ago period.
The company reported a net loss of $3.5 million, or $0.09 per share, compared with a restated net loss of $2.8 million, or $0.08 loss per share, for the prior-year period.
During the quarter ended Sept. 30, Sclor increased its research and development spending 100% to $3.0 million from $1.5 million for the same period last year.
As of Sept. 30, Sclor had $18.3 million of cash, cash equivalents and short-term investments.
For the nine months ended Sept. 30, Sclor's revenues rose to $1.4 million from $449,055 for the first nine months of 2005.
The company reported an operating loss of $9.6 million and a net loss of $8.9 million, or $0.24 per share, for the first nine months of 2006.
Research and development spending increased 44% to $6.0 million for the nine-month period in 2006 from $4.1 million for the comparable period in 2005.
Sclor achieved a development milestone with Wyeth and established two new research collaborations during the third quarter, according to a company news release.
"We continued to advance our strategy to commercialize our CDT drug delivery technology with strong commercialization partners in the pharmaceutical, consumer and OTC markets," president and chief executive officer Daniel O. Wilds said in the release.
Sclor is a Bellevue, Wash., specialty pharmaceutical company.
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