MIP revenue, losses show Q2 downturn

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Molecular biopharmaceutical developer Molecular Insight Pharmaceuticals (MIP) reported a decrease in revenue and an increase in net losses for its fiscal 2007 second quarter (end-June 30) as its product lines wind through regulatory processes.

The Cambridge, Mass.-based firm is a developer of molecular imaging pharmaceuticals and targeted radiotherapeutics for cancer.

For the period, MIP booked revenues of $15,000, compared with total revenues of $82,000 in the second quarter of 2006. The company said its revenues to date have consisted of U.S. National Institute of Health grants.

Second quarter 2007 net loss attributable to common shareholders was $11.5 million, a sharp uptick compared with a net loss attributable to common shareholders of $6.5 million in the same period last year.

The firm reported it more than doubled its research and development (R &D) expenses for the past quarter compared with a year ago. In addition, it saw general and administrative expenses rise more than 100 percent compared with the year-ago period.

MIP said it had several products in its portfolio progressing through Phase 2 clinical trials and would be initiating Phase 1 trials for others in the coming 18 months.