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S.L.-based Iomed Inc. loses $3.8 million for the quarter

SHARE S.L.-based Iomed Inc. loses $3.8 million for the quarter

Salt Lake-based specialty pharmaceutical company Iomed Inc. said Friday that it had a net loss of $3.8 million, or 57 cents per share, for the quarter ended June 30. That compares with a net loss of $676,000, or 10 cents per share, a year ago.

For the fiscal year, Iomed had a net loss of $7.9 million, or $1.20 per share, compared with a loss of $1.2 million, or 18 cents per share, in the previous fiscal year.

Revenues in the quarter totaled $2.9 million, up slightly year-over year. For the fiscal year, revenue totaled $11.4 million, up from $10.7 million in the 2000 fiscal year.

The company said it has suspended further product development efforts under its local-inflammation program. Costs associated with that program totaled about $6 million in the fiscal year, up from $1.2 million the prior year.

Iomed said that in the near term it will concentrate most of its research and development on its ophthalmic program.

Iomed stock closed at $1.70 Friday, its lowest point in the past year and down 95 cents during the day. In the past year, it has been as high as $6.81.