PharmaNetics, which gained FDA approval for its ENOX test in August and is moving to commercialize the procedure, reported a loss of $11.6 million, or $1.21 a share, in 2002. The loss for 2001 was $9.2 million, or $1.03 a share.
The company had revenues of $4.1 million, down $400,000 from 2001.
Fourth quarter revenues were $1.2 million, including the final milestone payment from Aventis Pharmaceuticals for collaboration and development of the ENOX test.
The test is a rapid bedside procedure used to determine the anticoagulant effects of Aventis’ drug Lovenox. PharmaNetics’ test employs “theranostics,” a term that defines an emerging field that enables physicians to monitor the effect of antithrombotic agents in patients being treated for angina, heart attack, stroke, and pulmonary and arterial emboli.
“Now we are hard at work on the next stage of our growth cycle — commercialization,” said John Funkhouser, president and chief executive officer of PharmaNetics. “The key to PharmaNetics’ success will be leveraging the sales force of its pharmaceutical partner to facilitate test sales as a means to drive drug sales.” PharmaNetics will be working with Aventis to market the ENOX test.