Oscient's first-half revenue hits $15.5 million at June 30 on increased Factive sales

By Angela McDaniels

Seattle, Aug. 8 - Oscient Pharmaceuticals Corp. said its total revenue grew by 10% to $4.6 million for the second quarter ended June 30 from $4.2 million for the second quarter of 2005. For the first half of the year, revenue grew by 89% to $15.5 million from $8.2 million for the first half of 2005.

Sales of the company's lead product, Factive (gemifloxacin mesylate) tablets for respiratory infections, fell to $2.6 million from $3.8 million a year earlier, but for the first half of the year, sales of Factive grew by 54% to $11.9 million from $7.7 million for the first half of 2005.

"Our revenue results for the first and second quarter of this year illustrate the seasonality of Factive. Product revenues grew 54% in the first half of 2006 compared to the first six months of 2005, in what was, in retrospect, a mild respiratory tract infection season," president and chief executive officer Steven M. Rauscher said in a company news release.

"As we noted in our first-quarter results, wholesaler inventory levels had risen as the season came to a close. During the second quarter, wholesaler inventories were reduced by more than 40%, resulting in lower shipment levels for the quarter."

Rauscher said the agreement reached in July to acquire U.S. rights to the cardiovascular product Antara 130 mg (fenofibrate) capsules from Reliant Pharmaceuticals Inc. should reduce fluctuations in Oscient's revenue because Antara is a chronic care, non-seasonal product. Antara revenue was roughly $35 million for the 12 months ended in June, according to the release.

For the second quarter of 2006, Oscient's net loss grew by 6% to $23.026 million, or $0.25 per basic and diluted share, from $21.743 million, or $0.28 per basic and diluted share, for the same period of 2005.

For the first half of the year, the company's net loss fell by 13% to $43.13 million, or $0.50 per basic and diluted share, from $49.58 million, or $0.65 per basic and diluted share, for the first half of 2005.

Cash, restricted cash and investments totaled $80.7 million at June 30.

Oscient is a biopharmaceutical company located in Waltham, Mass.

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