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loss of $19.366 M (operating loss of $16.45
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chemicals industry, primarily for the synthesis of propylene oxide. Propylene oxide producers are already planning to increase capacity to 25,000 tonne/y each, and each unit will consume 180,000 tonne/y+ of hydrogen peroxide. Degussa and Headwaters have developed a hydrogen peroxide to propylene oxi
dioxide emissions by 15%. Hydrogen fuel cells are also a potential growing market. Companies operating in this market include PolyFuel. QuantumSphere is developing fuel cell catalysts which use alternative metals such as nickel instead of the more commonly used platinum. Catalytic Solutions and Nano
The increase in the net loss primarily reflects clinical trial costs incurred for the company's lead product, Surfaxin, currently in three Phase III trials and one Phase II trial. Selected updates on the company's progress in 1Q 2002 are included in the report. Revenues from collaborative agreements