Bothell-based Sonus Pharma-ceuticals Inc. said Wednesday that it lost $3.6 million, or about 20 cents a share, in the first quarter. That compares with a loss of $2.3 million for the same period last year. The higher loss reflects Sonus’ increased spending on clinical trials for its leading drug candidate, Tocosol paclitaxel. As of March 31, the company had about $17 million in the bank. Sonus’ chief executive officer, Michael Martino, also announced the departure of the company’s chief financial officer, Richard Klein. Klein, who had been at Sonus since 1996, resigned for personal reasons, according to the company.
Bothell-based Nastech Phar-maceutical Co. reported a first-quarter net loss of $7.6 million, or 64 cents a share, as expenses grew and revenue shrank. That compared with a $2.9 million loss for the same quarter last year. Both licensing revenue and product sales revenue decreased by $2.2 million, but research and development expenses increased by $3 million. Despite the heavier loss, Nastech said it was pleased with clinical research progress on its nasal spray to treat obesity, and with other drugs under development.
Mukilteo’s CombiMatrix Corp. saw its first-quarter revenue grow from just $216,000 in 2003 to more than $17.6 million this year. CombiMatrix’s parent company, Acacia Research Corp., said the dramatic difference was due to $17.3 million in deferred contract payments received from Roche, which has a strategic alliance with CombiMatrix. The huge spike in revenue also meant CombiMatrix finished the quarter with net income of nearly $11.9 million, compared with a $5.1 million loss in the same quarter of 2003. While CombiMatrix also receives more revenue from government contracts, its product sales for the quarter were down from a year ago.
With contract talks stalled between the Boeing Co. and its second largest union in Wichita, Kan., negotiators on both sides agreed Wednesday to summon a mediator to help forge a deal. The Society of Professional Engineering Employees in Aerospace requested a mediator to help break the impasse and secure what it considers an acceptable offer for 3,400 workers at the company’s Wichita plant. Chicago-based Boeing agreed. Boeing’s technical and professional workers – heeding the advice of their beleaguered union – last month rejected the company’s “final” contract offer on a 904-319 vote. Nonbinding talks with a mediator are scheduled to begin Monday.
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