Content area
Full text
GROWTH: 3,201 percent
PRESIDENT/CEO: Dr. Nancy T. Chang
SERVICE: Developer of pharmaceutical products
2003 Revenue: $18,487,000
2002 Revenue: $560,000
WEB SITE: www.tanox.com
While some high-flying biotechnology companies record stratospheric revenue growth virtually overnight, only to fall back to earth with a financial thud, Houston's Tanox Inc. is gaining solid momentum in order to remain aloft in the competitive life sciences industry.
Tanox finds itself at the top of the Houston Business Journal's Fast Tech 50 list this year with revenue for fiscal 2003 of $18.5 million (with a loss of $4.6 million) compared to revenue of $560,000 (and a loss of $26 million) a year earlier.
With major research initiatives and clinical trials for new drugs on the horizon, the publicly traded company is already making its case to secure a spot on next year's Fast Tech 50 listings. Tanox was also named in September to the Deloitte & Touche Technology Fast 50 Program for Texas listing, based on annual revenues over five years, from 1999-2003.
"The main reason for the (revenue) change in 2003 is the approval from the FDA for Xolair," says Nancy Chang; Tanox president...