• AI
  • Molecular Imaging
  • CT
  • X-Ray
  • Ultrasound
  • MRI
  • Facility Management
  • Mammography

Stock drop nixes AMI public offering

Article

A secondary stock offering by MRI contrast developer AdvancedMagnetics was canceled due to a drop in the firm's share price,the company said earlier this month. Share prices of AdvancedMagnetics have fallen steadily this year, from $27.50 in earlyJanuary

A secondary stock offering by MRI contrast developer AdvancedMagnetics was canceled due to a drop in the firm's share price,the company said earlier this month. Share prices of AdvancedMagnetics have fallen steadily this year, from $27.50 in earlyJanuary to around $21 a share last week. Advanced Magnetics hadhoped to sell 1.35 million shares.

The Cambridge, MA, company also took a hit when it releasedsecond-quarter financial results last week. Advanced Magneticsposted a net loss for the quarter (end-March) of $2.4 millionon sales of $476,000, compared with net income of $3.3 millionand revenues of $6.2 million in the same period last year.

The company said that last year's quarterly revenues were higherdue to a $5 million licensing payment from Berlex Laboratoriesfor U.S. and Canadian rights to its Feridex IV liver agent. AdvancedMagnetics will receive another $5 million when Feridex receivesFood and Drug Administration approval. AMI received an approvableletter for Feridex earlier this year (SCAN 2/14/96).

Related Videos
Can Fiber Optic RealShape (FORS) Technology Provide a Viable Alternative to X-Rays for Aortic Procedures?
Does Initial CCTA Provide the Best Assessment of Stable Chest Pain?
Making the Case for Intravascular Ultrasound Use in Peripheral Vascular Interventions
Can Diffusion Microstructural Imaging Provide Insights into Long Covid Beyond Conventional MRI?
Assessing the Impact of Radiology Workforce Shortages in Rural Communities
Emerging MRI and PET Research Reveals Link Between Visceral Abdominal Fat and Early Signs of Alzheimer’s Disease
Reimbursement Challenges in Radiology: An Interview with Richard Heller, MD
Nina Kottler, MD, MS
The Executive Order on AI: Promising Development for Radiology or ‘HIPAA for AI’?
Related Content
© 2024 MJH Life Sciences

All rights reserved.