Antex Biologics reports $120,872 loss for quarter, notes higher R&D costs

November 06, 1997|By Mark Guidera | Mark Guidera,SUN STAFF

Citing a 45.7 percent increase in research and development expenses, Gaithersburg-based Antex Biologics Inc. reported a net loss of $120,872 for the third quarter that ended Sept. 30, compared with a net loss of $157,551 for the same period of 1996.

The small biotechnology company said yesterday that it booked third-quarter revenue of $965,331, compared with revenue of $623,646 for the year-ago quarter.

Research and development expenses increased to $801,228 in the third quarter of 1997, from $549,762 in the comparable 1996 quarter.

The publicly held company, which is developing vaccines and other treatments for bacterial infectious diseases, said SmithKline Beecham PLC has decided to continue funding for Antex's human vaccine research and development program in 1998.

SmithKline Beecham and Antex said they will maintain their present ownership positions in MicroCarb Human Vaccines, a joint venture. SmithKline holds a 26 percent stake.

For the nine months ended Sept. 30, Antex reported a net loss of $343,813, compared with a profit of $611,240 in the same period last year. Nine-month revenue totaled $3.2 million, compared with $3.1 million for the 1996 period.

Research and development expenses increased 54.8 percent to $2,477,094 for the first nine months of this year.

Pub Date: 11/06/97

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