AtheroGenics says Q1 net loss reaches $19.2 million

By Angela McDaniels

Seattle, April 20 - AtheroGenics Inc. said its net loss increased to $19.2 million, or $0.49 per share, for the first quarter ended March 31 from a net loss of $18.6 million, or $0.50 per share, for the first quarter of 2005.

The company recorded interest income of $2.2 million during the first quarter of 2006 and revenue of $4.2 million related to its licensing collaboration with AstraZeneca plc for the development and commercialization of AtheroGenics' cardiovascular drug candidate, AGI-1067.

Research and development expenses for the first quarter of 2006 increased slightly to $16.3 million from $16.2 million a year earlier due primarily to $1.1 million in non-cash stock-based compensation expense resulting from the company's adoption of Statement of Financial Accounting Standards No. 123, which requires the expensing of employee stock options.

At March 31, cash, cash equivalents and short-term investments totaled $209 million.

Atlanta-based AtheroGenics discovers, develops and commercializes novel drugs for the treatment of chronic inflammatory diseases.

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