Auxilium Q3 net revenues up 57% at $17.6 million

By Lisa Kerner

Charlotte, N.C., Oct. 31 - Auxilium Pharmaceuticals, Inc. said its net revenues for the third quarter of 2006 rose 57% to $17.6 million from $11.2 million for the third quarter of 2005.

At Sept. 30, Auxilium had $67.4 million of cash, cash equivalents and short-term investments, compared with $33.3 million at June 30.

The net loss for the quarter was $11.8 million, or $0.39 per share, compared with a net loss of $7.1 million, or $0.24 per share, for the prior-year period.

Research and development costs for the three-month period were up at $8.5 million, from $4.5 million for the year-ago period.

"We made tremendous progress during the quarter toward achieving our long-term goals by taking control of Auxilium's main value drivers, our marketed product, Testim, and our company-transforming injectable enzyme, AA4500," chief executive officer and president Armando Anido said in a company news release.

"I am pleased to report that we successfully completed our sales force expansion to support the continued growth of Testim and we completed our initial engineering batch of AA4500 in the ... manufacturing facility we leased in September."

Company highlights for the quarter included growth of Testim's market share to 18.2%, an expansion of Auxilium's sales force to 150 representatives and the receipt of roughly $43.3 million of net proceeds from the sale of 5.5 million shares of common stock.

For the nine-month period ended Sept. 30, Auxilium said net revenues increased to $49.0 million; net loss increased to $33.2 million, or $1.13 loss per share; and research and development costs increased to $25.7 million.

Auxilium is a specialty biopharmaceutical company based in Malvern, Pa.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.