First-quarter loss shrinks for AMAG Pharmaceuticals

Cambridge biotechnology company AMAG Pharmaceuticals Inc. said today that its first-quarter loss narrowed, beating Wall Street's expectations.

The company reported a loss of $9.3 million, or 55 cents per share, compared with a loss of $10.2 million in the year-ago period.

Analysts polled by Thomson Financial, on average, estimated a loss of 62 cents per share on sales of $590,000.

Revenue fell 33 percent to $612,000 from $913,000 in the first quarter of 2007.

Results were boosted by $3.3 million in interest income. The 2007 quarter included a $4 million litigation settlement charge.

Total costs and expenses rose 46 percent to $13.3 million in the quarter, due to increased selling, general and administrative costs related to the pending US launch of ferumoxytol in the first quarter of 2009.

A new drug application for ferumoxytol is currently under review with the Food and Drug Administration for the treatment of iron deficiency anemia in chronic kidney disease patients. (AP)