Citing the extensive costs of testing a drug for the treatment of pre-AIDS conditions, Newport Pharmaceuticals International said Tuesday that it lost $1 million in the second quarter.
The Newport Beach company reported revenues of $7.3 million for the three months. For the second quarter of 1987, Newport Pharmaceuticals posted revenues of $5.7 million and a loss of $1.3 million.
For the first six months of 1988, revenues were $15.9 million, compared to $9.9 million a year earlier. The company lost $1.2 million in the first half, compared to a $2.1-million loss the first six months of 1987.
Janice Bandeen, a spokeswoman for Newport Pharmaceuticals, said the company expects to post a loss for the year.
Bandeen said Newport is funding extensive research on its primary drug, Isoprinosine, for the treatment of AIDS-related complex, often a precursor to acquired immune deficiency syndrome. Newport is testing the drug on 2,000 people.