Nastech quarterly revenue up more than $4 million

By Lisa Kerner

Charlotte, N.C., Nov. 1 - Nastech Pharmaceutical Co. Inc. said its revenue for the three months ended Sept. 30 was $5.5 million, up significantly from $1.2 million for the prior-year period.

The company had a net loss for the quarter of $7.8 million, or $0.36 loss per share, compared to a net loss of $8.8 million, or $0.46 loss per share, for the third-quarter 2005.

Nastech's research and development expenses increased $2.4 million to approximately $10.5 million for the current quarter compared from the prior-year period.

Nastech had $56.4 million in cash, cash equivalents and short-term investments at the end of the third quarter, down from $59.9 million at Dec. 31, 2005.

For the nine-month period ended Sept. 30, Nastech's revenue rose to $23.7 million, from $6.2 million for same period in 2005.

The company's net loss for the nine month was $16.2 million or $0.77 loss per share, compared to a net loss of $23.2 million or $1.28 loss per share for the prior year period.

Research and development expenses increased by $8.5 million for the nine-month period ended Sept. 30 to approximately $31.1 million, compared to the first nine months of 2005.

Nastech is a Bothell, Wash. pharmaceutical company.

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