The Salt Lake City biopharmaceutical company reported a net loss of $11.4 million and 29 cents per share for its fourth quarter, 15 percent worse than the $9.9 million and 32 cents lost this time last year.
But President and CEO Peter Meldrum took comfort in a 23 percent increase in quarterly revenue, to $32 million, from $26.1 million last year. Sales of Myriad's predictive medical products were up 37 percent, to $28.8 million, for the quarter ending June 30.
For the full year, the company lost $38.2 million, or $1.05 per share, down from $40 million, or $1.30 per share, last year. Revenue rose 39 percent, to $114.3 million, from $82.4 million a year ago.
The past year included a milestone $100.6 million in product sales. "By any measure, our 2006 fiscal year was successful," Meldrum said in a shareholders' teleconference call.
That performance came despite a 52 percent increase in research and development costs, to $24.3 million. The bulk of that spending was for Flurizan, which the company also announced Tuesday had completed enrollment for Phase 3 testing.
In all, 1,600 patients will participate in an 18-month national study. That trial could be cut back to a year if results are exceptionally positive, after which an application for approval by the Food and Drug Administration could be filed.
In June, the company released results from a follow-up study to its Phase 2 Flurizan trials that showed the drug remained effective for at least two years in slowing or even halting mild forms of Alzheimer's.
Meldrum said Flurizan already is in Phase 3 testing of 800 patients in Europe, and the company also is optimistic about the progress of several other drug candidates. One of them, Azixa, showed significant tumor reduction in some Phase 1 tests on patients with metastasized brain cancer.
Myriad is finalizing the therapeutic dosage levels to take Azixa forward into Phase 2 trials beginning this fall, Meldrum said.
In all, the company is conducting six clinical trials of drugs in various stages of development.
Myriad stock closed Tuesday at $24.90 per share, down $1.56, or 6 percent.
bmims@sltrib.com
