Northwest Biotherapeutics Inc. of Bothell lost $3.18 million, or 19 cents a share, during the first quarter, as it moved ahead with clinical trials for three different potential drugs. The result, which compares with a loss of $2.3 million in the first quarter of 2001, was in line with analysts’ predictions. In addition to the bigger loss, however, the company reported revenues of just $3,000 for the quarter, compared with $44,000 for the same period last year. The company also reported it will spend most of its $11.2 million in cash by the end of 2002. Northwest Biotherapeutics’ lead product candidate is a prostate cancer treatment that is in a pivotal phase III clinical trial.
AOL Time Warner Inc., the world’s largest media company, reported a net loss of $54.24 billion for its first quarter on Wednesday, the largest quarterly loss for a U.S. company, due to a massive balance sheet write-down mandated by new accounting rules. AOL Time Warner’s loss was entirely due to a write-down because of a sharp decline in the company’s stock, which has fallen by more than half since the merger of America Online and Time Warner was announced in January 2000. In the same period a year ago, AOL Time Warner had a net loss of $1.4 billion.
The Federal Aviation Administration has proposed fines of $764,250 against the Boeing Co. for failing to meet fireproofing standards for air ducts and cockpit drip shields. The agency found that the company’s workers in Everett, Renton and Spokane had, without FAA permission, replaced one adhesive for another on the parts. The substitute material wasn’t up to snuff, the FAA said. Boeing reported the error in October 1999, and immediately set about replacing or fixing the parts, FAA spokesman Allen Kenitzer said. The parts were installed across Boeing’s product line of jets built in Renton and in Everett: the 737, 747, 757, 767 and 777. Cockpit drip shields keep condensation from running into electronic equipment. Boeing spokeswoman Cindy Wall said all suspect parts have been replaced.
Microsoft Chairman Bill Gates said Wednesday the company has not tried to figure out how to remove elements of its Windows operating system, because the task would be impossible. But Steven Kuney, an attorney for nine states seeking tougher penalties against the software giant, pointed to a product Microsoft already offers that lets companies choose which components they want to put into Windows and automatically adds other, required portions.
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