Replidyne ends quarter with $134.3 million of cash, records net loss of $5.7 million

By Lisa Kerner

Charlotte, N.C., Oct. 26 - Replidyne, Inc. ended its third quarter on Sept. 30 with cash, cash equivalents and short-term investments totaling $134.3 million.

The company reported a third-quarter 2006 net loss of $5.7 million, improved from a net loss of $8.1 million for the third-quarter 2005.

Revenue for the quarter increased to $3.7 million from $0.2 million in the year-ago period.

Research and development expenses in the third quarter of 2006 were $7.2 million, up slightly from the $7.1 million in the corresponding quarter of 2005.

The Food and Drug Administration issued a non-approvable letter to Replidyne and Forest Labs for faropenem medoxomil (faropenem) recommending further clinical studies.

"Replidyne is in a strong financial position and we are moving forward with an experienced management team and an invested partner," president and chief executive officer Kenneth J. Collins said in a company news release.

"Although we are disappointed with the FDA's decision, faropenem has been tested in over 5,000 patients and we remain confident in its potential safety, efficacy, and tolerability benefits as a new antibiotic treatment option for patients."

Replidyne is a biopharmaceutical company located in Louisville, Colo.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.