Investors reacted positively, if modestly, to study results showing that an erectile dysfunction drug being developed by Bothell’s ICOS Corp. and Eli Lilly and Co. works longer per dose than Viagra. On Tuesday, the first day of trading after the two drug companies released the new clinical findings about Cialis, ICOS stock rose 4 percent to $24.16. The phase 3 study did not compare the drug specifically to Viagra, which usually lasts about four hours. Last month, the Food and Drug Administration indicated it wants more information about possible side effects, requiring more studies and delaying the drug’s expected release to 2003.
Microvision Inc. of Bothell has received an additional $3.3 million from the U.S. Army to develop a virtual cockpit helmet system for helicopter pilots. The added money, coming in a contract modification from the Army’s Aircrew Integrated Systems Product Office, brings the total amount of Microvision’s contract to $20.3 million. The company will improve the system to increase performance and to meet airworthiness requirements specified by the Army. Once it is ready for use, the Army estimates it could order up to 3,000 systems, with an average selling price of $750,000 or less. The system would allow a pilot to see various types of full-color targeting, navigational or terrain overlays and virtual instruments projected onto the eye.
Modern MFG Services Inc., a Mukilteo-based company that owns defense-related businesses and Web sites for the manufacturing sector, saw its stock price climb 138 percent Tuesday on positive earnings news. The small company reported a first-quarter loss of $6,960, compared with a $27,896 loss during the first quarter of last year. That translated into no loss for shareholders during the last quarter. Modern MFG stock, traded on the over-the-counter market, rose from 34 cents a share to 81 cents. At one point in late 1999, the stock price hit $105 a share, but has traded below 50 cents recently.
The U.S. Supreme Court agreed Tuesday to resolve a tax dispute between Boeing Co. and the Internal Revenue Service over a $419 million refund. The decision, to come likely sometime next year, will affect companies that export their products and spend heavily on research. An appeals court ruled last year that Boeing’s accounting practices led to a substantial understatement of the company’s net income from 1979 to 1987. At issue is the way the company charged research-and-development costs to foreign-sales units.
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