ImClone 2Q Revenue Rose to $17.9 Million
WASHINGTON (AP) _ ImClone Systems Inc. Wednesday said revenue increased to $17.9 million in the second quarter ended June 30 from $11.6 million a year earlier.
The New York-based biopharmaceutical company, which has seen company founder Samuel Waksal embroiled in an insider trading scandal that also ensnared his friend Martha Stewart, said its net loss narrowed to $34.8 million, or 47 cents a share. In the same period last year, it lost $46.5 million or 63 cents a share.
Cory William Kasimov at Ryan Beck & Co., the only analyst listed by Thomson First Call as still covering the company, had forecast a loss of 52 cents per share in the latest quarter.
Operating expenses declined to $51.7 million for the three months ended June 30 from $58.1 million a year earlier, while research and development expenses increased to $41.7 million from $38.2 million.
Marketing, general and administrative expenses for the three months ended June 30 declined to $9.9 million from $16.5 million a year earlier.
ImClone repeated that it believes that its cash, marketable securities and income should support operations through at least June 2004.
ImClone had $189.3 million in cash, cash equivalents and securities at the end of the quarter, compared with $247.7 million at Dec. 31.
ImClone said its second-quarter results included $495,000 in legal costs for an investigation by the SEC into insider trading by Waksal in 2001, around the time the Food and Drug Administration refused to consider approving its experimental cancer drug, Erbitux. Legal fees were $2.4 million in last year’s second quarter.
ImClone recorded a related $1 million receivable, as of June 30, for costs it believes are recoverable from insurance carriers.
ImClone shares traded Wednesday morning at $39.96, down 43 cents, or 1.1 percent.