NitroMed says 2005 revenue down $10.4 million to $6 million

By Lisa Kerner

Erie, Pa., March 2 - NitroMed, Inc.'s revenue decreased by $10.4 million to $6 million for the fiscal year ended Dec. 31, according to a company news release.

Total revenue for the three months ended Dec. 31 decreased by $5.7 million to $3.7 million, compared to the same period in 2004.

The company attributed the revenue decrease in both periods to the termination of a collaboration agreement with Merck. NitroMed also cited the accelerated recognition in 2004 of all remaining, previously deferred license revenue under that agreement.

BiDil (isosorbide dinitrate/hydralazine hydrochloride) product sales accounted for $3.3 million of the revenue during the fourth quarter and $4.5 million for 2005.

The company's net loss was $31.6 million, or $1.04 per basic and diluted share, for the fourth quarter and $105.9 million, or $3.49 per basic and diluted share, for 2005.

"[Fiscal] 2005 was a significant year for NitroMed, and indeed for the industry, with BiDil representing the first drug approved by the Food and Drug Administration for a specific racial group," president and chief executive officer Michael D. Loberg said in the release.

"On the strength of the A-HeFT data, BiDil has achieved a high level of physician awareness and has received validation from the cardiovascular care guidelines issued jointly last August by the American College of Cardiology and the American Heart Association, as well as the guidelines issued just last week by the Heart Failure Society of America."

Cash, cash equivalents and marketable securities were $61.5 million on Dec. 31.

NitroMed, located in Lexington, Mass., is an emerging pharmaceutical company and the maker of BiDil for the treatment of heart failure in self-identified black patients.

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