Acusphere reported flat revenues and a slight drop in losses for its financial results for the first quarter of 2008, which ended March 31.
For the quarter, revenues remained flat at $667,000 compared to the same revenues last year. The Watertown, Mass.-based company also recognized $700,000 in collaboration revenue during the first quarter of 2008, in connection with its agreement with Nycomed for European marketing rights for the company's lead product candidate, Imagify. As of March 31, the company reported it had $14 million in deferred revenue.
Operating expenses for the first quarter of 2008 were $13.9 million, compared to $13.2 million in the prior year period, Acusphere said. Research and development expense increased $700,000 to $10.7 million, reflecting the expensing of an IP-related payment payable in the second quarter triggered by Acusphere’s submission of the Imagify NDA in April.
Acusphere booked a net loss after dividends for the first quarter of 2008 of $13.5 million, versus a net loss of $12.5 million, in the prior year period.
Previously, Acusphere had anticipated quarterly cash expenditures of $11 million to 14 million for 2008. The company has revised downward its previous guidance for 2008 quarterly cash utilization to $9 million to $13 million per quarter with the low end of the range being more reflective of the latter part of the year.
The submission of the NDA and completion of many of the activities required to support the review of the NDA now warrant the lower guidance, according to Acusphere. Based upon these projections and the current cash position, the company said it anticipates the need for additional sources of funds to operate beyond the third quarter of 2008.