CAMBRIDGE, Mass. -- Repligen Corp. on Friday reported a 138percent increase in its net loss for the fiscal year ended March31 on lower revenues. The company also said it has filed for apublic offering of 2 million shares of common stock.
Repligen had a net loss of $5.7 million, or 63 cents a share, onrevenues of $10.2 million for the 1991 fiscal year, comparedwith a net loss of $2.4 million, or 31 cents a share, andrevenues of $12.8 million in fiscal 1990. Net loss for the fourthquarter was $1.5 million, or 16 cents a share, on revenues of$2.6 million. Net loss for the same period last year was $1.48million, or 18 cents per share; revenues were $3 million.Repligen's higher 1990 revenues were due to two one-timepayments on projects.
The company said the increased losses, which were expected,were due to product scale-up in preparation for clinical trials ofrecombinant PF4, a potential cancer therapeutic, and increasedresearch and development spending, as well as expensesrelated to the launch of a program announced in January todevelop anti-inflammatory products. Repligen plans to file aninvestigational new drug application with the Food and DrugAdministration in 1992 for Phase I clinicals of rPF4 to treatKaposi's sarcoma.
Following completion of the stock offering, the company willhave 11.3 million shares outstanding. Proceeds of the offeringwill be used to fund R&D, clinical trials and expansion ofproduction facilities. Repligen stock (NASDAQ:RGEN) on Fridayclosed at $13.75, down $1.50.
Underwriters Lehman Brothers, Montgomery Securities andOppenheimer & Co. Inc. have an option to purchase anadditional 300,000 shares to cover overallotments.
-- Karen Bernstein BioWorld Staff
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