Centocor sales and marketing update

CNTO said it reduced its burn rate to $3.9 million in the third quarter, beating its target of $10 million, and expects to come in under its projected rate of $50 million for the year. Excluding $6 million in proceeds from the sale of a manufacturing facility, CNTO burned $9.9 million. Dominic Caruso, chief accounting officer, said the company expects to burn less than $5 million in the fourth quarter.

The company's net loss was $15.8 million (38 cents per share) on revenues of $16.7 million vs. a loss of $19 million (47 cents) on revenues of $50.7 million in last year's quarter. Caruso attributed the drop in sales - to $12 million from $17.3 in the 1992 quarter - to less aggressive health care management and purchasing. ...