(RTTNews) -  Thursday, Abraxis BioScience Inc. (ABII: News ) a biotechnology company, reported a narrower loss for its second quarter ended June 30, 2009 on increased sales of Abraxane, its chemotherapy treatment for metastatic breast cancer

The Los Angeles, California-based fully integrated biotechnology company that provides treatment for cancer and other critical illnesses, posted narrower net loss attributable to common shareholders of $23.4 million or $0.58 per share during the quarter compared with $84.1 million or $2.10 per share in the prior-year period.

Excluding items such as amortization of intangible assets and stock-based compensation expenses, Abraxis BioScience reported loss of $10.1 million or $0.25 per share.

Net revenues for the quarter rose to $85.1 million from $77.6 million in the same quarter last year, on sales of Abraxane drug, deferred revenue relating to the co-promotion of Abraxane and increased raw material sales.

Research and development expense for the second quarter of 2009 increased to $39.9 million from $21.7 million for the same period in 2008, on increased spending in clinical studies and investment in R&D projects.
Selling, general and administrative (SG&A) expenses for the second quarter of 2009, dipped to $47.1 million versus $53.5 million for the same period in 2008, reflecting the elimination of commission payments under the previous co-promotion agreement, which was partially offset by international launch costs for Abraxane and an increase promotional costs.

On a year-to-date basis, net loss for common shareholders narrowed to $46.4 million or $1.16 per share from $79.8 million or $2.00 per share in the comparable period last year.

Adjusted net loss for common shareholders for the period was $15.7 million or $0.39 per share compared with adjusted net income for common shareholders of $18.2 million or $0.45 per share, for the first half of the prior year. Net revenues fell to $157.7 million from $159.8 million.

ABII is currently trading up 1.18% at $31.60 on the Nasdaq.

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by RTT Staff Writer

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