Acusphere posts results, gets 'going concern' notice

Ultrasound contrast developer Acusphere of Tewksbury, MA, saw its net loss grow in its 2008 financial results, while the company's auditors issued a "going concern" statement regarding the company's ability to continue.

For the year (end-December 31), the company reported revenue of $2.7 million, compared with the same revenue of $2.7 million the previous year. The company posted a net loss after dividends of $69.4 million in 2008, compared with a net loss of $56 million in 2007.

For the quarter, Acusphere posted revenue of $824,000, up 23% compared to $667,000 in the same period of 2007. The company's net loss after dividends for the quarter was $33.2 million, compared with $13.1 million in the fourth quarter of 2007.

The firm said that its fourth-quarter numbers included an asset-impairment charge of $9.2 million, as well as a one-time noncash interest charge of $14.7 million.

The company's 2008 financial results will include an opinion from its accounting firm, Deloitte & Touche, regarding the company's ability to continue as a going concern. Acusphere will require "significant additional monies" to fund operations through and beyond the third quarter of 2009.

The company said that as of December 31, its balance sheet included approximately $23.1 million in total assets, comprised primarily of $16.5 million in cash and short-term investments and $4.1 million in property and equipment. As of March 31, Acusphere's unaudited cash balance was $5.7 million.

In other news, Acusphere has reacquired European marketing rights to its Imagify ultrasound contrast agent after terminating a relationship with drug firm Nycomed Danmark of Roskilde, Denmark.

Acusphere said this week that it had signed an agreement ending the deal, which was signed in 2004 and gave Nycomed rights to sell Imagify in the European Union, Russia, Turkey, and other members of the Commonwealth of Independent States. Each party agreed to incur their own expenses and that there would be no further payments to either party.

Related Reading

Acusphere plans job cuts, March 6, 2009

Acusphere amends Imagify NDA, February 19, 2009

Acusphere reports positive Imagify results, January 22, 2009

Acusphere executive resigns, January 8, 2009

FDA panel rejects Acusphere contrast agent, December 11, 2008

Copyright © 2009

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