Monogram's HIV testing products boost second-quarter revenues by 8% to $13.4 million

By Lisa Kerner

Charlotte, N.C., July 25 - Monogram Biosciences, Inc. reported revenue of $13.4 million for the second quarter of 2006, an 8% increase from the $12.4 million reported for the same quarter in 2005.

The company attributes the increase to revenue from its HIV testing products, which grew 16% to $12.8 million for the quarter, up from $11.0 million for the prior-year period.

Monogram had a net loss of $21.8 million, or $0.17 per common share, for the quarter, down from the net profit of $0.7 million, or $0.01 per common share, for the same period in 2005.

On a pro forma basis, the net loss for the quarter was $3.3 million, or $0.03 per share, compared to a net loss of $2.6 million, or $0.02 per share, in second-quarter 2005.

For the first half of 2006, Monogram reported revenue of $26.6 million, 19% higher than the revenue of $22.4 million for the same period in 2005. Revenue from the company's HIV testing products grew 26% to $25.0 million in the first half of 2006 compared to $19.9 million for the same period in 2005.

Monogram had a net loss of $25.1 million, or $0.19 per common share, for the six months ended June 30, compared to a net loss of $6.7 million, or $0.06 per common share, for the same period in 2005.

On a pro forma basis, adjusted for non-cash items, the net loss was $4.7 million, or $0.04 per share, for the first half of 2006, compared to a net loss of $6.7 million, or $0.06 per share, in the same period of 2005.

At June 30, the company had $35.2 million in cash, cash equivalents and short-term investments.

"This has been a pivotal quarter for Monogram," chairman and chief executive officer William D. Young said in a company news release.

"We entered into an important collaboration with Pfizer to make our Co-Receptor Tropism Assay available globally in support of maraviroc, Pfizer's first-in-class CCR5 inhibitor. We eliminated the overhang of the CVRs on our financial position and on our stock, expanded our intellectual property position and made substantial progress in improving the consistency and reproducibility of our eTag assay."

Monogram, based in South San Francisco, Calif., develops products for the treatment of serious infectious diseases and cancer.

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