AtheroGenics Reports Fourth Quarter and Year-End 2006 Financial Results
AGIX posted a wider fourth-quarter loss, and said it expected to report results from the late-stage trial of a key experimental heart disease drug study early in the year (Open???). Here is the summary and outlook:In summary, AtheroGenics reported a net loss of $20.7 million, or $0.52 per share, for the fourth quarter of 2006, as compared to $18.7 million, or $0.49 per share, reported for the same period in 2005. Net loss reported for the full year ended 2006 was $67.3 million, or $1.71 per share, as compared to a net loss of $82.6 million or $2.19 per share for the full year ended 2005.
AtheroGenics expects to provide financial guidance for the 2007 fiscal year following the release of results from the ARISE Phase III clinical trial (Yeah, without that there is really no guidance). “2006 was a year in which we set the stage for future growth. We began the close-out of our pivotal Phase III ARISE clinical study, and commenced laying the foundation for our commercial infrastructure,” stated Russell M. Medford, M.D., Ph.D., President and Chief Executive Officer of AtheroGenics. “Looking forward, we have a busy and exciting year ahead of us. We expect to report top-line results from the ARISE study early this year, and we continue to make progress in our plan to build out the Company’s clinical pipeline of products targeting diseases of chronic inflammation.”
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