Acusphere says net loss reaches $44.63 million in 2005

By Angela McDaniels

Seattle, March 20 - Acusphere Inc.'s net loss increased 49% to $44.63 million, or $2.49 per share, for the year ended Dec. 31 from $29.96 million, or $1.92 per share, in 2004, according to a company news release.

For the quarter ended Dec. 31, net loss increased 28% to $11.60 million, or $0.56 per share, from $9.10 million, or $0.51 per share, for the same quarter of 2004.

The increased loss is due in part to a 54% increase in operating expenses to $49.61 million in 2005 from $32.14 million in 2004. The company attributed the increased operating expenses to costs incurred for its phase 3 clinical program for AI-700 and a one-time $6.20 million write-off in June 2005 related to the acquisition of patents from Schering AG.

During 2005, the company recognized $3.43 million in collaboration revenue in connection with its agreement with Nycomed for European marketing rights to the company's lead product candidate, AI-700. This is a 100% increase over $1.71 million of revenue in 2004.

Under the amended agreement, Nycomed is scheduled to pay Acusphere $2.90 million in 2006, including up to $1.85 million that Nycomed agreed to pay to help fund the company's qualification of its commercial manufacturing facility for AI-700.

Revenue for the fourth quarters of 2005 and 2004 was the same: $857,000.

Acusphere is a specialty pharmaceutical company based in Watertown, Mass., that develops new drugs and improved formulations of existing drugs using its proprietary microparticle technology.

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