AcuTect sales add to Diatide results

March 3, 1999

In its first quarterly statement since it began selling its AcuTect acute venous thrombosis agent, radiopharmaceutical firm Diatide last month reported fiscal and fourth-quarter (end-December) 1998 results. The Londonderry, NH, company’s year-end

In its first quarterly statement since it began selling its AcuTect acute venous thrombosis agent, radiopharmaceutical firm Diatide last month reported fiscal and fourth-quarter (end-December) 1998 results. The Londonderry, NH, company’s year-end revenues were $6.4 million, compared with $4.1 million in 1997. The company’s net loss for the year was $10.2 million, compared with $11 million the year before.

Diatide’s annual revenues for both 1997 and 1998 were primarily due to milestone payments from sales and marketing partner Nycomed Amersham. Nycomed paid Diatide $4 million in 1998, when it filed a new drug application for NeoTect, a lung cancer imaging agent, and when it received Food and Drug Administration clearance for AcuTect (SCAN 10/14/98). Diatide’s 1997 revenues included a $2 million milestone payment from Nycomed for Diatide’s NDA for AcuTect.

Diatide’s fourth-quarter revenues were $717,000, up from $510,000 the year before. Its net loss for the fourth quarter was $3.4 million, compared with $3.8 million in 1997. AcuTect contributed $177,000 to Diatide’s fourth-quarter revenues, a number that company executives acknowledged was disappointing. The firm attributed the slow start to the complexity of its marketing effort: In October AcuTect was introduced to physicians who make diagnoses, and in January it was presented to referring physicians.