CAMBRIDGE, Mass. (AFX) - Advanced Magnetics Inc., a maker of contrast agents for magnetic resonance imaging tests, on Wednesday said its first-quarter net loss grew by roughly 76 percent as expenses grew.
The company reported a net loss of more than $7.4 million, or 60 cents per share, compared with a loss of more than $4.2 million, or 43 cents per share, last year. Costs and expenses for research, development and administration grew to about $8.9 million from 5.1 million last year.
Quarterly sales of $618,631 compared with $664,355 in the year-ago period. The slight drop was due primarily to a decrease in product sales revenue received from the company's marketing partners.
The company had about 12.4 million shares outstanding at the end of the recent quarter compared with nearly 10 million in the year-ago period.
As of Dec. 31, Advanced Magnetics said it had cash, cash equivalents and short-term investments of about $156 million, reflecting the receipt of about $123 million in net proceeds from last month's public offering of common stock.
Shares of Advanced Magnetics rose 7 cents to $64.82 in morning trading on the Nasdaq Stock Market.
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