Viratek Reports Loss of $567,000 in 2nd Quarter

Viratek Inc. said it lost $567,000 for the second quarter, compared with a year-ago loss of $925,000. Revenues for the period were up 53% to $647,000 from $423,000.

For the first six months, the Costa Mesa-based pharmaceuticals company posted net income of $1.47 million, compared with a loss of $1.53 million in the year-earlier period. Revenue for the six months rose more than five-fold to just over $4 million from $800,000.

Research and development costs, according to the company’s unaudited financial report, were largely responsible for the losses. First-quarter sales in the United States of Viratek’s proprietary anti-viral medication, Virazole, were responsible for the huge gain in revenue.

The product, which had been available only in foreign markets, received Food and Drug Administration approval for domestic sales last quarter.

Viratek is an affiliate of ICN Pharmaceuticals, also of Costa Mesa.