BioVeris Lowers 4th-Quarter, Full-Year Losses
BioVeris, a Gaithersburg biotech, narrowed its fiscal fourth-quarter loss to $7.1 million (27 cents a share) from $53.5 million ($2) in the same period a year earlier, when the firm was spun off by Igen International. Revenue fell 4.7 percent, to $4.9 million, in the three months ended March 31. For fiscal 2005, BioVeris lost $77.6 million ($2.90), compared with a loss of $93.3 million ($3.49) in fisal 2004. Revenue incrased 31.8 percent, to $26.3 million.
Rockville Firm Reports Positive Test Results
Human Genome Sciences said three patients have responded to its experimental cancer treatment in an ongoing mid-stage trial. The Rockville company said the results support continued study of the HGS-ETR1 drug. The study consists of 40 patients with non-Hodgkin's lymphoma who have received other treatments.
Radio One Arranges $800 Million of Financing
District-based Radio One said it had signed an agreement for $800 million in credit, including a $500 million, seven-year revolving credit facility and a $300 million, seven-year term loan.
The company said part of the money will be used to refinance its existing senior credit line. Wachovia Capital Markets and Banc of America Securities were the joint lead arrangers.
Marriott Gets New $2 Billion Credit Line
Marriott International received a $2 billion credit line that it is using to refinance debt at lower rates. Citigroup and Barclays arranged the new five-year facility, which replaces a $1.5 billion five-year loan maturing in July 2006 and a $500 million three-year revolving credit due in August 2006. The new loan will save $500,000 a year in fees for Bethesda-based Marriott.
Compiled from staff and news service reports.