Medicines Company books losses for Q1, despite strong Angiomax sales

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The Medicines Company has reported net losses for its fiscal 2009 first quarter results.

The Parsippany, N.J.-based company booked a net loss for the first quarter of 2009 of $3.3 million, compared with a net income of $4.9 million for the first quarter of 2008, including the one-time transaction costs of $4 million related to the Targanta Therapeutics acquisition. However, the firm also said that its net revenue increased by 25 percent to $99.2 million for this quarter from $79.4 million for the first quarter of 2008.

The company markets Angiomax (bivalirudin) in the U.S. and other countries for use in patients undergoing PCI, and Cleviprex (clevidipine butyrate) injectable emulsion in the U.S. for the reduction of blood pressure when oral therapy is not feasible or not desirable. The firm also has an investigational antiplatelet agent, Cangrelor, in late-stage development.

Medicines said it achieved 24 percent growth in Angiomax demand versus first quarter of 2008; and its market share in STEMI patients reached an all time high of 22 percent.

"Angiomax continues to grow in both volume and market share and we are making progress with Angiox in Europe. The Cleviprex launch is progressing, winning formularies, and beginning to see pull through from customers," according to John Kelley, president and chief operating officer at Medicines.