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Penwest says 2005 revenue up $1.1 million to $6.2 million
By Lisa Kerner
Erie, Pa., March 2 - Penwest Pharmaceuticals Co.'s revenue increased by $1.1 million to $6.2 million for the fiscal year ended Dec. 31, according to a news release.
Total revenue for the fourth quarter of 2005 was $931,000, compared with $1.1 million in total revenue for the fourth quarter of 2004.
The company attributed the year-over-year increases to revenue from its license agreement with Prism Pharmaceuticals and royalties by Mylan Pharmaceuticals on Pfizer's 30 mg generic version of Procardia XL.
Net loss for the fourth quarter of 2005 was $5.3 million, or $0.24 per share, compared with a net loss of $6.5 million, or $0.34 per share, for the fourth quarter of 2004.
Penwest reported a net loss of $22.9 million, or $1.05 per share, for 2005, compared with a net loss of $23.8 million, or $1.28 per share, for 2004.
"In 2005, we built momentum in executing our drug development strategy, hitting a number of key milestones in the fourth quarter," president and chief operating officer Jennifer L. Good said in the release.
"We remain focused on building our portfolio of central nervous system products, advancing those products through clinical development and determining the appropriate commercialization strategy that balances risk and reward for our shareholders."
Oxymorphone ER made progress toward final Food and Drug Administration approval. Penwest said if approval comes by mid-year, Endo Pharmaceuticals could launch the new pain product in the second half of 2006.
Cash, cash equivalents and marketable securities were $55.3 million on Dec. 31, down from $74.4 million on Dec. 31, 2004.
Located in Danbury, Conn., Penwest develops pharmaceutical products based on novel drug delivery technologies.
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