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CollaGenex Pharmaceuticals reports second-quarter net revenues down at $3.8 million
By Lisa Kerner
Charlotte, N.C., Aug. 2 - CollaGenex Pharmaceuticals, Inc. said net revenues for the quarter ended June 30 were down at $3.8 million, compared with $6.9 million in the second quarter of 2005. The company attributes the decrease to reduced sales of Periostat due to generic competition.
The company reported net loss for the second quarter was $10.3 million, or $0.59 per basic and diluted share, an increase from the net loss of $5.8 million, or $0.41 per basic and diluted share, in the second quarter of 2005.
For the six months ended June 30, CollaGenex net revenues fell to $7.5 million from $19.0 million during the first six months of 2005.
Net loss for the first half of the year was $19.7 million, or $1.13 per basic and diluted share, compared to a net loss during the prior-year period of 2005 of $8.3 million, or $0.58 per basic and diluted share.
"The highlight of the second quarter was the Food and Drug Administration's approval of Oracea, which was approved on the first pass and within 10 months of the date of our NDA (New Drug Application) submission," president and chief executive officer Colin W. Stewart said in a company news release.
CollaGenex revised its financial guidance to reflect the July launch of Oracea. Total revenue guidance for the year increased to $24 million, including $9 million of Oracea net sales, from original guidance of $21 million, including $6 million of Oracea net sales.
Guidance for net loss improves to $2.15 per share from original guidance of $2.17 per share.
CollaGenex is a Newtown, Pa., specialty pharmaceutical company focused on medical therapies for the dermatology market.
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