Nuvelo reports net loss of $71.1 million for 2005

By Angela McDaniels

Seattle, Feb. 27 - Nuvelo Inc. reported a net loss of $71.1 million, or $1.72 per share, for the year ended Dec. 31, compared with a net loss of $52.5 million, or $1.70 per share, for the same period in 2004.

Revenues increased to $545,000 for the year from $195,000 in 2004, according to a company news release.

For the fourth quarter ended Dec. 31, Nuvelo's net loss increased to $20.9 million, or $0.49 per share, from $13.0 million, or $0.40 per share, for the same period in 2004.

Revenues increased to $183,000 for the fourth quarter from $43,000 for the same period a year earlier.

The company attributed the increase in loss primarily to increases in development expenses related to clinical trials, increased personnel costs in support of these activities and higher general and administrative expenses incurred to build the infrastructure needed for growth and to begin preparations for the commercial launch of alfimeprase.

As of Dec. 31, Nuvelo had $70.3 million in cash, cash equivalents and short-term investments, compared with $50.6 million at Dec. 31, 2004.

For the year ended Dec. 31, the company's net cash used in operating activities was $58.9 million. Nuvelo said it expects to use cash in operating activities of between $30 million and $38 million in 2006.

Nuvelo is a development-stage pharmaceutical company based in San Carlos, Calif., that develops and commercializes novel drugs for acute cardiovascular and cancer therapy.

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