Costa Mesa drug maker reveals net loss...

Costa Mesa drug maker reveals net loss

Ribapharm Inc.’s net income dropped 30% during the fourth quarter,

the company announced Thursday, as it faced stiffer competition

against ribavirin, its hepatitis C drug. The Costa Mesa drug maker

also said it had begun clinical trials on a new treatment for

hepatitis B.

Ribapharm reported net income of $21 million, or 14 cents per

share, compared to $30 million, or 20 cents per share, in the same

quarter of 2002.

First-quarter royalties from the drug fell 14.8%, from $57 million

to $48.6 million. Schering-Plough Ltd. sells the drug as part of a

marketing agreement with Ribapharm.

Late last year, Roche Holding AG launched Pegasys/Copegus, a drug

that also treats hepatitis C.

Also, the company said it was launching Phase I clinical trials of

Hepavir B to treat hepatitis B, a liver virus. Ribapharm has been

enrolling patients in the study.

Shares of Ribapharm, a one-time subsidiary of ICN Pharmaceuticals,

dropped 9.32%, to $3.99, in Friday trading.

Earnings for Costa Mesa bank drop 33%

Pacific Premier Bancorp Inc., a small-cap Costa Mesa community

bank, reported a 33% drop in earnings April 28, which drove the

company into the red.

Pacific Premier Bancorp recorded a net loss of $258,000, or 19

cents per share, during the first quarter, as compared to a profit of

$388,000, or 17 cents per share, during the same quarter of 2002.

The company said its earnings were lower primarily due to a loan

reevaluation project initiated in the fourth quarter of 2002. During

that quarter, Pacific Premier Bancorp began an internal review of all

loans 90 days or more past due.

The company, which relocated to Costa Mesa in 2002, said the

project was completed in April.

On Friday, shares of PPBI rose 0.83% to $6.10. The stock rose

10.2% for the week.