NEW YORK, Jan. 31 - CuraGen on Thursday reported that swelling research and development expenses managed to double its net loss in the fourth quarter, and the 2002 revenues would only reach 75 percent of 2001 revenues.
Loss in the period ended on Dec. 31 widened to $16.2 million, or 33 cents per share, compared with $8.6 million, or 21 cents per share, one year ago.
Revenues rose 5.2 percent to $5.5 million from $5.2 million in the same period last year.
CuraGen also said it expects to initiate 20 protein therapeutic projects in 2002, and said it will submit two applications with the US Food and Drug Administration to begin clinical trials with protein-based drugs.
Operating loss in 2002 will likely be between 60 percent and 70 percent of its 2001 loss, the company said.
Revenue for fiscal 2001 increased 12.7 percent to $23.5 million, compared to $20.8 million for fiscal 2000, CuraGen said. R&D spending increased almost 61 percent to $65.8 million for fiscal 2001, compared to $41 million for fiscal 2000.
CuraGen had available cash resources and short-term investments of approximately $508 million, it said.