Guilford Pharmaceuticals Reports 2005 First Quarter Results

Guilford Pharmaceuticals reported financial results for the quarter ended March 31, 2005. For the first quarter, Guilford reported a net loss of $54.5 million, or $1.19 per share, compared to a net loss of $18.1 million, or $0.53 per share, for the corresponding period in 2004. Net loss for the first quarter of 2005 included a one time non-cash charge to operations of $31 million relating to the impairment of the intangible assets for Aggrastat Injection (tirofiban HCl) in accordance with SFAS No. 144, "Accounting for Impairment or Disposal of Long-Lived Assets."

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