NitroMed, Inc. Reports Financial Results For Fourth Quarter And Full Year 2005
LEXINGTON, Mass.--(BUSINESS WIRE)--March 2, 2006--NitroMed, Inc. (NASDAQ: NTMD) today reported financial results for the fourth quarter and the year ended December 31, 2005. Total revenue for the three months ended December 31, 2005 was $3.7 million compared to $9.5 million for the same period in 2004, a decrease of $5.7 million. For the year ended December 31, 2005, the Company reported total revenue of $6.0 million compared to $16.5 million for the same period in 2004, a decrease of $10.4 million. Of total revenue, BiDil(R) (isosorbide dinitrate/hydralazine hydrochloride) product sales accounted for $3.3 million during the fourth quarter, $4.5 million for the year ended December 31, 2005 and none during 2004. The decrease in total revenue in both the three and twelve month periods ended December 31, 2005 is primarily attributable to the termination of a collaboration agreement with Merck and the accelerated recognition in 2004 of all remaining, previously deferred license revenue under that agreement.