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Altus stock added to Nasdaq Biotechnology Index, company ends quarter with $16 million loss
By Lisa Kerner
Charlotte, N.C., Nov. 15 - Altus Pharmaceuticals Inc. said its common stock will be added to the Nasdaq Biotechnology Index on Nov. 20.
The company also announced its third-quarter financial results, including a net loss of $16.0 million, or $0.71 per share, compared with a net loss of $6.9 million, or $4.01 per share, for the third quarter of 2005.
Cash and cash equivalents and short-term investment balances at Sept. 30 totaled $97.7 million.
Altus reported negative revenue for the third quarter of $2.0 million, down from positive revenue of $4.1 million for the prior-year period. The difference was due to an increase in the total estimated development costs related to the ALTU-135 program, according to a company news release.
Research and development expenses rose to $10.9 million for the third quarter from $6.1 million for the third quarter of 2005, due in part to increased costs related to phase 3 studies for ALTU-135 and ALTU-238.
The company's general and administrative expenses were also up for the quarter at $4.2 million, compared with $2.2 million for the year-ago quarter.
Altus reiterated its previous guidance, with net cash used in operating activities expected to be between $55 million and $65 million in 2006.
"[W]e have now established and demonstrated consistent production and processes to support our ALTU-135 phase 3 trial," president and chief executive officer Sheldon Berkle said in the release.
"Our goal is to initiate this trial in the second quarter of 2007. Regarding the ALTU-238 program, we believe it is back on track."
Altus is a Cambridge, Mass., biopharmaceutical company developing oral and injectable protein therapeutics for gastrointestinal and metabolic disorders.
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