Connect with us

Hi, what are you looking for?

Jewish Business News


Opko Health Losses Triple

Chairman and CEO Phillip Frost: From an R&D perspective, all our programs are progressing.


Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.

Opko Health Inc. (NYSE: OPK; TASE: OPK) reported higher full-year and fourth quarter losses and revenue for 2013, but expects 2014 to be a pivotal year for its drug development programs.

Full-year revenue more than doubled to $96.5 million from $47 million in 2012, partly due to $12.5 million revenue from the strategic partnership in RNA interference with RXi Pharmaceuticals Corporation. Net loss more than tripled to $114.8 million in 2013 from $31.3 million in 2012. During the year, the company reported $29.9 million in capital gains on the sale of strategic investments.

Fourth quarter revenue rose 30% to $20.7 million from $16.2 million for the corresponding quarter of 2012. Net loss widened to $16.8 million for the fourth quarter from $1.1 million for the corresponding quarter, due to R&D costs for the Phase III clinical trials of its Rayaldy Vitamin D capsule and Prolor’s long-lasting human growth hormone

Cash used in operations more than doubled to $58.2 million in 2013 from $25.4 million in 2012, thanks to the acquisitions of Prolor Biotech Inc. and Cytochroma Inc. during the year. Opko had $185.8 million in cash and cash equivalents at the end 2013, which the company says gives it the liquidity needed to fund R&D and operations.

Opko chairman and CEO Dr. Phillip Frost said, “From an R&D perspective, all of our programs are progressing. We made significant strides in 2013 with our ongoing Phase III trials for Rayaldy and hGH-CTP; 2014 will be a pivotal year for our development programs. We look forward to announcing top-line results for Rayaldy in mid-2014 and filing a NDA during the first half of 2015. We are also enthusiastic about the planned launch later this month of our 4Kscore blood test for prostate cancer which we believe will lead to a great improvement in the diagnosis and management of prostate cancer.”

Published by Globes [online], Israel business news – 



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.