Uh, no.
"Before abandoning his bid to become president, Mitt Romney put in at least $42.3 million of his own money, a big chunk of the $97 million he spent on the campaign." Boston Globe article
This says he was in the lead at one point. As you note, though, Romney spent much more than he took in.
http://www.usatoday.com/news/washington/2007-04-02-gop-fundraising_N.htm
Part of the problem was probably this, too:
Romney Used His Wealth to Enlist Richest Donors
http://www.nytimes.com/2007/04/06/us/politics/06romney.html
Planning on getting most of your money up front from rich donors was what Hillary Clinton did, too. For a while, the campaign is flush with cash. But the problem is, once they run out, they can’t go back to the same donors because those people have usually reached their donation limits.
See: http://www.time.com/time/politics/article/0,8599,1738331,00.html
The Five Mistakes Clinton Made, item 4.
I wouldn’t mind raising 55 million dollars.