Baltimore's Guilford Pharmaceuticals sees losses double

November 13, 1995|By FROM STAFF REPORTS

Guilford Pharmaceuticals, a biotech company based in Baltimore, said Friday that its losses more than doubled during the third quarter to $3.4 million, up from $1.4 million in the same quarter last year.

On a per share basis for the quarter ended Sept. 30, the loss was 65 cents, compared with 36 cents per share last year.

Despite the wider losses, Guilford's president and chief executive officer, Craig Smith, said the company was on solid ground financially and making progress with its research on new therapies for central nervous system disorders. In particular, the company has focused research on treating brain tumors. The biotechnology company hopes to get a product approved for commercialization next year.

It recently won the next-to-last federal approval needed to commercialize a cancer-fighting brain implant it developed, Gliadel, and plans to press for final approval early next year. The product is a wafer saturated with chemotherapy drugs that surgeons implant in in a patient's brain after removal of a malignant tumor. The implant is designed to prevent relapses and the side effects of chemotherapy.

Mr. Smith also noted that financially, the company recently received an infusion of $18 million through a secondary public offering.

For the nine-month period, the company lost $8.5 million, or $1.98 per share, vs. $3.9 million, or $1.45 a share, a year ago.

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