(RTTNews) - Monday, Angiotech Pharmaceuticals Inc. (ANPI: News , ANP.TO), reported a much narrower loss in the third quarter, reflecting the absence of a huge goodwill write down charge presented in last year results.

Angiotech's third quarter net loss narrowed to US$7.8 million or US$0.09 per share from US$622.38 million or US$7.31 per share in the year ago period.

On an adjusted basis, the company reported net income of US$0.07 million or breakeven per share compared to net loss of US$4.3 million or US$0.05 per share in the same quarter last year.

Revenue declined to US$63.24 million from US$68.36 million in the same quarter last year.

Net product sales for the quarter increased to US$48.7 million from US$46.5 million last year, while royalty revenue declined to US$14.5 million from US$21.4 million a year back.
Total expenses for the quarter declined to US$59.2 million from US$670.2 million in the year ago period. Year-ago quarter results included a write-down of goodwill of US$599.4 million. Research and development expenses decreased to US$4.59 million from US$10.65 million in the year ago period.

For the nine-month period, net loss was US$7.2 million or US$0.08 per share compared to US$664.2 million or US$7.80 per share in the prior year. Adjusted net loss was US$0.80 million or US$0.01 per share, compared to a loss of US$15.57 million or US$0.18 per share in the prior year. Year-to-date revenue decreased to US$216.1 million from US$221.1 million last year.

Angiotech is currently trading at $1.39, up $0.01 or 0.72% on a volume of 0.16 million shares on the Nasdaq and last traded down by 2.68% or C$0.04 at C$1.45 on the Toronto Stock Exchange.

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by RTT Staff Writer

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