Mycogen Corp., a company developing bioinsecticides, reported a fourth-quarter loss of $1,047,580 on revenue of $1,065,202, contrasted with a loss of $1,197,643 on revenue of $50,256 over the same three months last year.
Mycogen vice president Andrew Barnes said the losses will continue for several years because of the costs of developing and introducing new products. The company's first product, a bioinsecticide called M-One that kills the Colorado potato beetle, will be tested next year.
Despite the losses, Barnes said Mycogen remains in a strong cash position, in part because it raised $18 million in its initial public stock offering in June. The company recently announced a plan to buy back up to 250,000 of its shares, or 3.7% of the 6.6 million shares outstanding.
For the full year ended Sept. 30, Mycogen reported a loss of $4.9 million on revenue of $2.3 million, compared with a loss of $4.1 million on revenue of $171,445 over the previous fiscal year.