Molecular Biosystems Inc. Reports Record 3rd-Quarter Profit, Revenue

Thanks to $1.5 million in license fees from a Norwegian drug company, Molecular Biosystems Inc. reported record profit and revenue for its third quarter ended Dec. 31.

Net income for the three months was $961,578 on revenues of $2.1 million, contrasted with a profit of $36,981 on revenue of $649,382 over the same quarter last year.

Earlier this month, MBI announced an $18-million license fee and stock deal with Nycomed A.S. of Oslo giving Nycomed rights to manufacture, distribute and sell MBI’s Albunex ultrasound imaging agent in Europe, Asia and Africa.

In addition to the $1.5 million taken as revenue during the third quarter, MBI will book $500,000 of the license fees as revenue in its fouth quarter. The remaining $11 million in fees wil be taken as revenue in quarterly installments over the following 15 quarters, beginning April 1.

The deal also calls for MBI to receive $5 million from Nycomed in exchange for a 6.2% fully diluted interest in MBI stock.

For the nine months ended Dec. 31, MBI reported net income of $1.4 million on revenue of $4.3 million, contrasted with net income of $781,864 on revenue of $2.5 million over the same three quarters last year.

MBI stock closed Tuesday at $12.625 per share in over the counter trading, down $.375.