Molecular Insight Pharmaceuticals trims losses in Q2
Molecular Insight Pharmaceuticals (MIP) has decreased its net losses for the company's 2009 fiscal second quarter, which ended June 30.

For the period, the company booked a net loss of $16.6 million, compared with a net loss of $21 million in the previous year-ago quarter, according to the Cambridge, Mass.-based company.

MIP said its total revenue for the second quarter of 2009 and for the second quarter of 2008 was $100,000. The revenue is representative of various research & development (R&D) grants and the timing of grant-related activities.

Operating expenses for the second quarter reflected a 28 percent decrease from the same period of the previous year. R&D expenses, representing 60 percent of total operating expenses in the 2009 second quarter, were $7.1 million as compared to $10.1 million for the same period last year. Operating expenses also reflected a 26 percent decrease in general and administrative expenses from $4.7 million for the 2009 second quarter, compared with $6.4 million in the previous-year quarter. The decrease, which is indicative of the cost-cutting initiatives begun at the end of 2008, is mainly due to a cost reduction associated with legal fees, the use of consultants and a workforce reduction.

As of June 30, MIP had approximately $82.4 million in cash, cash equivalents and short-term investments that are invested in U.S. Treasury securities.