Affymax full-year 2006 loss widens |
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Mon, 02 Apr 2007 18:44
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PALO ALTO, Calif. (AP) - Biopharmaceutical company Affymax Inc. said Monday that its full-year 2006 loss widened on higher operating costs.The company reported a loss for the period ended Dec. 31, 2006 of $49.1 million, or $32.56 per share, versus a loss of $33.2 million, or $101.65 per share, in the year-ago period.There were more shares outstanding in 2006 than the previous year.The company had its initial public offering in December.Affymax's total operating costs grew to $65.4 million from $34.1 million, with research and development expenses rising to $54.3 million from $24.1 million.Analysts were forecasting a loss of $4.14 per share, according to a poll by Thomson Financial.Full-year revenue ballooned to $11.7 million from $74,000 in 2005 on collaboration revenue.Consensus estimates put sales at $17 million.Shares of Affymax lost 14 cents to $32.06 in afternoon trading on the Nasdaq Stock Market.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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