Viratek Inc.: Blaming heavy research spending for...

Viratek Inc.: Blaming heavy research spending for the antiviral drug Ribavirin, Viratek said it lost $4.2 million for the third quarter ended Aug. 31, in contrast with net income of $181,000 for the comparable 1988 quarter. Revenue rose to $435,000 from $175,000. For the first nine months of the year, the Costa Mesa-based company lost $6.8 million, slightly more than the $6.7-million loss for the like period in 1988. Revenue jumped to $955,000 from $277,000. Viratek is involved in the research and development of pharmaceutical compounds.