Acusphere reports net loss of $14.1 million

By Jennifer Lanning Drey

Eugene, Ore., May 12 - Acusphere Inc. reported a net loss of $14.1 million, or $0.61 per common share, in the first quarter, after $0.60 in dividends on outstanding preferred stock, according to a company news release.

As of March 31, cash and short-term investments were $37.8 million, compared to $51.1 million on December 31, according to the release.

The company said that during the three months ended March 31, its primary focus remained on its lead product candidate, AI -700, an ultrasound contrast agent in development for screening coronary heart disease, with all recognized revenue and the majority of operating expresses related to its development.

The company expects to publicly announce the results from the first of the phase 3 trials at the annual meeting of the American Society of Echocardiology in June, and to complete enrollment in the second phase 3 trial by next quarter with results by the fourth quarter.

Acusphere has renamed the two trails, which were previously referred to as the "32" and "33" trials, and will report their results under the names RAMP 1 and RAMP 2 respectively, with RAMP being an acronym for Real-time Assessment of Myocardial Perfusion with echocardiography.

"Although we remain blinded to the RAMP 1 efficiency tests, we remain confident in AI-700, as demonstrated by actions such as adding marketing and sales leadership," said Sherri C. Oberg, president and chief executive officer of Acusphere, in a company news release.

Other highlights for the quarter include the company's reformulation of a hydrophobic agent in dose form for a large pharmaceutical company, which Oberg said during a conference call of Friday she could not yet name, as part of a feasibility study.

The new formulation has been delivered to the pharmaceutical company for evaluation.

Acusphere is a specialty pharmaceutical company based in Watertown, Mass., that develops new drugs and improved formulations of existing drugs using its proprietary microparticle technology.

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