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Advancis' guidance unchanged after $10.7 million Q2 net loss
By Angela McDaniels
Seattle, Aug. 2 - Advancis Pharmaceutical Corp. said its net loss grew by 15% to $10.7 million, or $0.35 per share, for the second quarter ended June 30 from $9.3 million, or $0.34 per share, for the second quarter of 2005.
The company's financial guidance remains unchanged, however. Total revenue for 2006 is expected to be between $16 million and $17 million and net loss for the year is expected to be between $32 million and $37 million, or about $1.05 to $1.25 per diluted common share, according to a company news release.
Cash, cash equivalents and marketable securities at the end of 2006 are expected to be between $12 million and $13 million.
Assuming favorable market acceptance of Advancis' new Keflex 750 mg product and the company's expected level of research and development spending, Advancis said it anticipates that its current funds, together with expected Keflex product sales, will be sufficient to support its operations through 2007 and into 2008.
For the first six months of 2006, net loss decreased by 12% to $18.3 million, or $0.61 per share, from a net loss of $20.7 million, or $0.82 per share, for the first six months of 2005.
Product sales, as well as contract revenue and reimbursement of development costs, were down for the first six month at $1.2 million and zero, respectively, compared with $2 million and $5.8 million, respectively, for the first six months of 2005.
Unrestricted cash, cash equivalents and marketable securities were $20.9 million at June 30, down from $22 million at March 31 and $29.4 million at Dec. 31, 2005.
Advancis is a Germantown, Md., pharmaceutical company that develops anti-infective drug products.
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