Cambridge, MA-based Molecular Insight Pharmaceuticals announced its second quarter 2007 (end-June 30) financial results.
Total revenues for the development-stage company for the period were $15,000, compared to total revenues of $82,000 in the second quarter of last year. Molecular Insight Pharmaceuticals' revenues to date have consisted of grants from the National Institute of Health (NIH). Cash and cash equivalents for January through June 2007 were $49.7 million, compared to $8.9 million at December 31, 2006.
Research and development (R&D) expenses totaled $7.7 million in the second quarter of 2007, compared to $3.6 million in the second quarter of 2006. The increase in R&D expenses is primarily due to increased costs associated with the Phase 2 trials for Azedra (for the detection and treatment of cancer) and Zemiva (for the diagnosis of cardiac ischemia).
By AuntMinnie.com staff writers
August 13, 2007
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