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Oscient Pharmaceuticals Corporation (OSCI) reported a first quarter loss today of $21.42 million, or ($1.53) per share, compared to a loss of $11.96, or ($0.88) per share, for the first quarter of 2007.
The Company reiterated that it expects $96-103 million in revenue for fiscal year 2008 from ANTARA(R) and FACTIVE(R), with approximately three-quarters of those revenues derived from sales of ANTARA. The Company also reiterates its expected net cash utilization of approximately $28-30 million in 2008. This guidance does not include any cash impact of the acquisition and marketing of a third product, which remains one of the Company's top business development goals.
ANTARA(R) (fenofibrate) is indicated for the adjunct treatment of hypercholesterolemia (high blood cholesterol) and hypertriglyceridemia (high triglycerides) in combination with diet. FACTIVE(R) (gemifloxacin mesylate), a fluoroquinolone antibiotic is approved for the treatment of acute bacterial exacerbations of chronic bronchitis and community-acquired pneumonia of mild to moderate severity.
Steven M. Rauscher, President and CEO of Oscient Pharmaceuticals, commented in a conference call today, "There was a record 30% prescription growth for ANTARA in the first quarter. ANTARA is a strongly positioned brand, and the medical community has familiarity and acceptance of the product. The majority of our sales force is devoted to this product, and we are very pleased with the growth trend."
"During this past quarter, we also executed an agreement with CVS Caremark, a leading pharmacy services provider. Because of this agreement, 40 million Caremark patients now have preferred formulary access to ANTARA. This agreement enhances the competitive position of ANTARA in the marketplace and the expected economic contribution of ANTARAto the company."
Mr. Rauscher explained, "With an expected $100 million in revenues this year from our two products, Oscient represents an interesting growth opportunity. We will be focused on three key business goals in 2008: continuing to drive revenue growth from our existing products, particularly ANTARA; executing transactions to secure new product revenues to leverage the company's infrastructure; and increasing shareholder equity value by continuing to improve cash flow and growing into the commercial organization and our capital structure."
He added, "We will be thoughtful about any new products that we bring in to make sure that they are not having a negative impact on the revenues being generated by ANTARA."
The Company also announced today that its commercialization partner for FACTIVE, Menarini Group, a European pharmaceutical company based in Italy, has submitted a regulatory filing seeking approval of FACTIVE in Europe. Menarini has the fourth largest pharmaceutical sales force in Europe and is second largest in terms of calls to primary care physicians. It is seeking approval of FACTIVE for the treatment of community-acquired pneumonia, acute bacterial exacerbations of chronic bronchitis and acute bacterial sinusitis. The regulatory review time in Europe is approximately 12 months.
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