UPDATE 1-Panacos sets 2007 outlook
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Feb 21 (Reuters) - Panacos Pharmaceuticals Inc. PANC.O said it expects to post a net loss of $37.5 milion to $40.5 million and revenue of $130,000 to $150,000 for 2007.
The biotechnology company, which is developing anti-infective products for treatment of HIV and other viral diseases, expects research and development expenses of $28 million to $30 million for the year.
Research and development expenses are expected to be $8.5 million to $9.5 million for the first quarter and $6 million to $7 million for the subsequent quarters, Chief Financial Officer Peyton Marshall said in a conference call with analysts.
The company expects revenue of $30,000 to $40,000 per quarter.
Non-cash stock based compensation charges will be $5.5 million to $6 million in 2007, Marshall said.
Panacos expects to end 2007 with $30 million to $32 million in cash, cash equivalents and marketable securities.
Analysts on average expect the company to post a loss of 84 cents a share, excluding exceptional items, and revenue of $2.5 million in 2007, according to Reuters Estimates. (Reporting by Jennifer Robin Raj in Bangalore)
