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Biotech / Medical : ICOS Corporation -- Ignore unavailable to you. Want to Upgrade?

To: SemiBull who wrote (885)	4/23/2002 6:54:41 PM
From: SemiBull	Read Replies (1) \| Respond to of 1139

Icos loss widens ahead of expected Cialis rollout BOTHELL, Wash., April 23 (Reuters) - Icos Corp. (NasdaqNM:ICOS - news), which aims to launch a rival to Pfizer Inc.'s (NYSE:PFE - news) impotence drug Viagra later this year, on Tuesday said its first-quarter losses more than doubled, as research spending outstripped collaboration and licensing revenue. The Bothell, Washington-based biotechnology company said its net loss widened to $39.2 million, or 65 cents a share, from $15.2 million, or 29 cents, in the year-ago quarter. Revenue rose to $22.5 million from $18.9 million. Wall Street analysts on average expected the company to post a loss of 61 cents a share, with estimates ranging from a loss of 56 cents a share to a loss of 69 cents a share, according to research firm Thomson Financial/First Call. Icos aims to launch its impotence drug, Cialis, in the second half of this year with its partner, Eli Lilly & Co. (NYSE:LLY - news) Icos said it plans to hire 165 sales representatives to market the drug, which has been shown in clinical trials to work faster and last much longer than Viagra. There are still questions, however, about whether regulatory problems with manufacturing standards at Eli Lilly might spill over and impact the timing of U.S. Food and Drug Administration approval of Cialis. During a conference call, Icos executives said preapproval FDA inspections have begun at the Lily plant where Cialis is manufactured. Icos filed its Cialis FDA application last June. Icos also said that during the first quarter it recorded $24.7 million in losses related to its equity interests in affiliates and said total operating expenses rose to $40.4 million from $24.5 million. For the full year, the company confirmed its previous forecasts for a per share loss of $2.70 to $2.95. The company's shares, which fell 42 cents to close at $42.70 on Nasdaq, were trading lower at $41.75 after hours on Instinet.