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.