AtheroGenics, which recently raised some $48 million in a stock offering, reported Thursday that its losses increased in 2002.

For the year, AtheroGenics (Nasdaq: AGIX) lost $28 million, or $1 per share. Losses were $17.6 million in 2001. The company reported no revenues.

AtheroGenics, which is developing drugs to treat chronic inflammatory diseases, said it ended 2002 with $34.7 million in cash and other assets. The company then raised $48 million in its stock offering.

AtheroGenics has a cardiovascular drug in a Phase III trial.