HOUSTON--Texas Biotechnology, a company here specializing in computer-aided small-molecule drug design, has reported third-quarter results that show nearly a nine-fold increase in revenue compared to the same period last year. That's largely because of an $8.5 million license fee that came from a corporate partnership with SmithKline Beecham. In addition, operating expenses for the quarter fell compared to the same period last year.
Revenues for the third quarter were $9.7 million, compared to $1.1 million for the same period in 1996. Operating expenses for the three months ending September 30 were $5.5 million, compared to $6.9 million for the same quarter in 1996. The company attributed the decreased expenses to a reduction in R&D costs related to the completion of clinical trials for the drug Novastan.
Revenues for the nine months ending September 30 were $11.2 million, compared to $4.3 million for the same period in 1996. Net loss for the first three quarters of this year was $6.8 million, down from $16 million for the first three quarters of 1996. The company is focused on developing a new generation of therapeutics focusing on preserving the functional integrity of the human vascular system. It has also generated lead compounds for the inhibition of cell adhesion, endothelin, growth factors and programmed cell death.