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Tuesday, Dec 6, 2022
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Alliance Lays Off 35, Reports Quarterly Loss

Alliance Lays Off 35, Reports Quarterly Loss

Alliance Pharmaceutical Corp. said it let go 35 employees as the company reported its first-quarter net loss increased over last year’s figure by 36 percent.

The troubled San Diego-based biotech firm recently reported a net loss of $9.4 million, or 54 cents a share, for its first quarter ended Sept. 30.

That compares to a net loss of $6.9 million, or 69 cents a share, for the same period last year.

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Operating expenses for the first fiscal 2003 quarter totaled $9 million which compares to $11.3 million for the fiscal 2002 quarter.

The company’s remaining 45 employees are dedicated to making and marketing Imagent, the firm’s approved ultrasound contrast agent.

In August, Alliance Pharmaceutical lost the financial support of Baxter Healthcare Corp. to develop Oxygent, a blood substitute product.

On Nov. 17, Alliance shares closed at 15 cents. The stock is traded on the over-the-counter bulletin board. The stock’s 52-week range has been 5 cents to $3.64.

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