Sign in Subscribe
Drugs

Viagene Reports Net Loss of $4.1 Million in Fourth Quarter 1994

Strategic Insights

— 1 min read

Viagene, Inc., a biotechnology company based in San Diego, reported a net loss of $4.1 million for the fourth quarter ended December 31, 1994, surpassing the net loss of $1.7 million in the same quarter the previous year. The company's net loss for the year ended December 31, 1994, was $10.9 million, a significant increase from the $5.7 million net loss in 1993. The financial results were attributed to the funding of expanded research and development activities in 1994, primarily focused on collaborative research programs with international companies, including The Green Cross Corporation of Japan and Bayer AG of Germany.

Key Takeaways:

  • Viagene reported a net loss of $4.1 million for the fourth quarter ended December 31, 1994, compared to $1.7 million in the same quarter the previous year.
  • The company's net loss for the year ended December 31, 1994, was $10.9 million, a significant increase from the $5.7 million net loss in 1993.
  • The financial results were attributed to the funding of expanded research and development activities in 1994, primarily focused on collaborative research programs with international companies.
  • Viagene's cash and investment balances at December 31, 1994, totaled $29.1 million.
  • The company reported net revenues for 1994 of $14.3 million, primarily due to its collaborative research programs with The Green Cross Corporation of Japan and Bayer AG of Germany.
  • Viagene expanded its research and development activities under the collaboration with Chiron Corporation and initiated the world's first efficacy study of a gene transfer product, its HIV immunotherapeutic.
  • Robert T. Abbott, President and CEO of Viagene, stated that the financial results reflect the company's continued emphasis on research and development and its increased commitment to human clinical study of gene transfer products.

Statistics:

  • Net loss for the fourth quarter 1994: $4.1 million
  • Net loss for the year ended December 31, 1994: $10.9 million
  • Net loss for the year ended December 31, 1993: $5.7 million
  • Cash and investment balances at December 31, 1994: $29.1 million
  • Net revenues for 1994: $14.3 million
  • Number of collaborative research programs: 3 (The Green Cross Corporation of Japan, Bayer AG of Germany, and Chiron Corporation)

Sources:

  • "Viagene, Inc. Reports Fourth Quarter 1994 Financial Results" (PRNewswire, February 23, 1995)
  • "Viagene, Inc. Announces Collaborative Research Programs" (press release, 1994)
  • "Viagene, Inc. Reports 1994 Net Revenues" (press release, 1995)

Read more