Biotech company reports quarterly loss of $0.19 per share

For the quarter ended March 31, 2004, the company recorded a net loss of $12.5 million to common stockholders, or $0.19 per share. A one-time preferred stock dividend, related to the conversion into common stock of our Series A Preferred Stock, owned by SkyePharma PLC, accounts for $10.75 million of the net loss. The company, which is a development stage entity, had no revenue during this period. Total shareholders' equity as of March 31, 2004, was $9.5 million and the company had total cash and marketable securities of $5.4 million as of March 31, 2004.

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