Hawthorne-based Acorda Therapeutics reports smaller loss
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- February
- 20
Acorda Therapeutics Inc., a biotech company based in Hawthorne, reported a smaller net loss during the fourth quarter as it benefited from rising sales of one medication and promising breakthroughs on another drug.
The net loss of $7 million, or 30 cents a share, during the quarter compared to a net loss of $15.8 million, or $75.59 per share, a year earlier. Net sales of $7.7 million rose from $2.6 million a year earlier.
Acorda was one of the best performing stocks in The Journal News/Bloomberg Index last year as investors reacted to upbeat news about a multiple sclerosis drug under development at Acorda.
If the drug receives regulatory approval, it could one day make walking easier for the 320,000 Americans with multiple sclerosis who deal with mobility problems. Acorda has been working on the development of the drug since the mid-1990s.
Acorda also reported strong sales of Zanaflex capsules, a short-acting drug used in the treatment of spasticity, a disorder in which muscles are continuously contracted.
Acorda shares were trading at $25.25, up $1.22, or 5.1 percent at 12:21 p.m. today.
This entry was posted
on Tuesday, February 20th, 2007 at 1:37 pm by Jay Loomis.
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