Cygnus distributor void
This article was originally published in The Gray Sheet
Executive Summary
GlucoWatch G2 Biographer manufacturer "does not expect any significant product revenues in 2004 unless it secures a sales, marketing and distribution partner or other strategic alliance," the company reports in a March 26 release announcing 2003 financial results. The firm has been without a distributor since the dissolution of a marketing deal with Sankyo Pharma in December. Mainly due to the $75.8 mil Sankyo settlement, 2003 net income was $49.3 mil., up from a $41.7 mil. loss in 2002. However, revenue fell $1 mil. to $2.9 mil., and income from NIH Small Business Innovation Research grants was down to $234,000 from $401,000 in 2002...