Angiotech Pharmaceuticals Inc. (TSX:ANP) has reported a $15.8 million loss in its current first quarter. That's up 28% from the Vancouver pharmaceutical and medical device company's $12.3 million loss in its 2007 first quarter.
Angiotech's quarter-to quarter revenue stayed largely constant at around $76 million, but its expenses rose 14% in 2008's first quarter compared with the same quarter in 2007.
The company suspended clinical tests of its vascular wrap on April 21. But its 5-FU catheter received marketing clearance from the U.S. Food and Drug Administration on April 17.
Angiotech said it plans to cut costs to achieve net profitability by 2008's fourth quarter.
The company's share price range during the past week: between $2.38 and $2.77; 52-week high: $8; 52-week low: $1.50.