Chantal Pharmaceutical Posts Loss

Chantal Pharmaceutical Corp. shares lost one-third of their value after the maker of Ethocyn anti-wrinkle products reported a $2.15-million loss for the first quarter of fiscal 1997 and a $12-million loss for fiscal 1996. The Los Angeles company was late in filing its results because of delays incurred after Coopers & Lybrand resigned as its auditor on Aug. 5. “Fiscal 1996 was the most difficult and challenging year in the 14-year history of Chantal Pharmaceutical Corp.,” said Chairman and CEO Chantal Burnison. For the quarter ended Sept. 30, Chantal lost $2.06 million, or 11 cents a share, contrasted with net income of $781,416, or 4 cents, a year ago. Revenue slid to $1.91 million from $5.20 million. Marketing expenses of $1.87 million used up 98% of revenue. Chantal shares fell $1.25 to close at $2.44 on Nasdaq. The shares traded at an all-time high of $28.125 on Dec. 29.