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11/16/2003

NaPro losses pile up

The Daily Times-Call

BOULDER — NaPro BioTherapeutics has reported a net loss for its most recent quarter and the first nine months of 2003.
During the third quarter, the life sciences research company reported a
net loss of $6.1 million, or 20 cents per share, on sales of $7.3 million. The net loss during the third quarter last
year was $3.9 million, or 13 cents per share, on sales of $8.3 million.
During the quarter, NaPro had announced the sale of its
paclitaxel business to Faulding Pharmaceutical Co. Earlier, the company had announced it would be selling its paclitaxel business to begin focusing more on the development and marketing of its gene-therapy products.
For the first nine months of 2003, the company announced an operating loss of $10.1 million, compared with an operating loss of $14.9 million for the first three quarters of last year.
“We plan to complete the sale of the paclitaxel business by year-end, and we look forward to advancing two of our pre-clinical programs into human trials in 2004,” said Leonard Shaykin, chairman and CEO, in a statement announcing the earnings.
Two years ago, NaPro bought 5 acres of land in the Clover Basin section of Longmont, with an option on purchasing additional, adjacent land. At the time, company officials said they were buying the land with the intent of someday building a Longmont campus to consolidate the company’s operations.
In April, coinciding with the announcement of the paclitaxel sale, company officials said they were holding on to the land “for investment purposes.”