An increase in revenue from R&D grant-related activities boosted financial results for radiopharmaceutical developer Molecular Insight Pharmaceuticals of Cambridge, MA, in the fourth quarter of fiscal 2008.
For the quarter (end-December 31), total revenue was $240,000, compared with $150,000 in the fourth quarter of 2007. The net loss narrowed to $15.8 million, compared with a net loss of $21.6 million in the same quarter a year ago.
The company attributed its reduced fourth-quarter net loss to lower R&D expenses associated with the conclusion of the company's molecular imaging radiopharmaceutical Zemiva trial and activity surrounding clinical efforts for its Azedra product for detecting and treating cancer.
For the full year of 2008, revenues totaled $500,000, compared with $700,000 in 2007. The company's net loss increased to $81.3 million, compared with a net loss of $61.2 million in 2007.
Related Reading
Molecular Insight shuffles management, February 2, 2009
Molecular Insight completes phase II trial for Zemiva, December 23, 2008
Molecular Insight reports Q3 financials, November 13, 2008
Molecular Insight reports positive trial results, November 10, 2008
Molecular Insight installs interim CEO, September 26, 2008
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