Radiopharmaceutical developer Molecular Insight Pharmaceuticals of Cambridge, MA, announced financial results for its third-quarter and nine-month periods (end-September 30).
Total revenue for the third quarter of 2008 was approximately $60,000, compared with total revenue of approximately $300,000 in the third quarter of 2007. Molecular Insight attributed this decrease in revenue for the quarter to the timing of grant-related activities.
For the third quarter 2008, the company reported a net loss of $24.7 million, compared with a net loss of $13.2 million in the same period of 2007.
For the nine months ended September 30, Molecular Insight reported a net loss of $65.4 million, compared with a net loss of $39.5 million for the same nine-month period in 2007. Included in the net loss for the nine months is revenue of approximately $200,000, which represents revenue from research and development grants and compares with $600,000, from the same source, during the same period in 2007.
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