Biota Posts Wider Loss In Q4; Joseph Patti Replaces Russell Plumb As CEO

(RTTNews) - Biota Pharmaceuticals, Inc. (BOTA) Friday reported fourth-quarter net loss of $10.2 million or $0.29 per share, wider than $6.5 million or $0.23 per share in the same period of 2013.

The net loss resulted from a $2.6 million change from a foreign exchange gain in 2013 to a loss, a $2.2 million increase in the cost of revenue, a $0.6 million increase in research and development expense and a $0.8 million decrease in gross revenues.

Quarterly revenues declined to $8.5 million from $9.3 million last year.

In addition, the company said it has named Joseph Patti as its President, Chief Executive Officer and Director, effective October 1, 2014. Patti is replacing Russell Plumb, who will assume the role of Executive Chairman of the board. Also, the group said James Fox will resign as Chairman of the board, but will assume the role of Lead Independent Director.