MedImmune Inc. said yesterday that while its revenues in the second quarter nearly doubled, its losses widened.
The Gaithersburg-based biotechnology company said its revenues rose $3.8 million, to $7.9 million, in the quarter that ended June 30, mostly due to a $2.7 million increase in reimbursement payments from American Home Products, which has forged an alliance with MedImmune.
It also cited a 37 percent increase in sales of CytoGam, a drug that helps kidney transplant patients. MedImmune said it sold $4.2 million worth of the drug in the second quarter.
Nevertheless, the company saw its losses increase to $4.9 million from $4.2 million during the same period last year.
For the first six months of 1995, MedImmune said revenues were $13.8 million, up from $7.3 million in 1994.
Losses in the first half were $10.3 million, compared with $8.7 million a year ago.
MedImmune's stock fell 75 cents, to $9.25, in Nasdaq trading yesterday.
Company spokesman Mark E. Kaufmann described the results as "a very good quarter based on the sales of CytoGam," and said that emerging biotechnology companies usually lose money.
Paul A. Boni, who follows MedImmune's stock for Mehta and Isaly in New York, said investors fear that sales of CytoGam are slowing, and that MedImmune may have difficulty getting FDA approval for its next big drug, which is currently being tested for safety and effectiveness with children who suffer from respiratory disease.
"People are very nervous about the Food and Drug Administration," which decides the fate of new drugs in the United States, Mr. Boni said.