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news.New River Pharmaceuticals has announced that it made a net loss of $29.9 million in the 2005 financial year. This represents an increased loss compared with the $14.3 million deficit recorded by the company in 2004.
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R&D expenses were $18.4 million for 2005 compared to $10.2 million 2004. The company said that his increase was primarily the result of the continued expansion of its R&D programs and clinical trials associated with NRP104, its lead product candidate for the treatment of ADHD.
The losses were somewhat mitigated when New River received $50 million under the terms of its collaboration agreement with Shire Pharmaceuticals with respect to NRP104. However, this payment was made in February 2006 and as such was not included in the 2005 figures.
To date, New River has received $100 million under the terms of its collaboration with Shire, a portion of which is refundable under certain circumstances.
“The year was highlighted by the filing of the new drug application on NRP104,” said Krish Krishnan, New River’s CFO and COO. “We believe that this advancement together with the progress on our other pipeline products positions us well for future growth.”