said its loss widened in the first fiscal quarter, but the company believes it should have enough cash to continue operating at least through the middle of next year, and its shares were higher following the news.
For the quarter ended March 31, the biotech company, which is developing a prospective cancer treatment called Erbitux, reported revenue of $19.6 million, up from $18.6 million for the first quarter of 2002.
The company lost $34.8 million, or 47 cents a share. A year ago, ImClone lost $30.1 million, or 41 cents a share. Thomson First Call had an estimate from only one analyst, who was expecting a loss of 51 cents a share.
ImClone, perhaps best known for the Sam Waksal-Martha Stewart insider-trading scandal, said total operating expenses rose to $53.9 million from $48.2 million. Research and development expenses reached $46.7 million, up from $37.8 million for the first quarter last year. Results for the quarter had previously been delayed.
The company had $228.9 million in cash, cash equivalents and securities available for sale at March 31, compared to $247.7 million on Dec. 31. ImClone believes its existing cash on hand, marketable securities and license agreements should allow it to maintain its current and planned operations through at least June 2004.
Shares of ImClone were up 78 cents, or 2.4%, to $32.77 in
trading. The stock has tripled since the start of the year, thanks in part to a study by German partner
in recent months that showed positive results using Erbitux.