Biopharmaceutical company MediciNova Inc. (MNOV) Friday reported a narrower net loss for the second quarter, compared to the previous year, helped by a gain. The company reported a second-quarter net loss of $4.66 million or $0.39 per share, compared to a net loss of $4.89 million or $0.41 per share, for the same period last year.
There were no revenues for the quarter ended June 30, 2009.
Research and development expenses were $2.7 million for the quarter, compared to $2.2 million last year. The company said the increase was primarily due to an increase of costs associated with the two Phase II clinical trials related to MN-221 for the treatment of acute exacerbations of asthma in emergency departments.
General and administrative expenses for the quarter remained flat with last year at $2.2 million. The company reported a gain of $114,155 on investment securities and Auction Rate Securities Put in the latest quarter, compared to an impairment charge of $936,420 in the previous year.
For the first half of the year, net loss narrowed to $9.66 million or $0.80 per share from $15.69 million or $1.30 per share in the previous year. There were no revenues.
MNOV closed Thursday's regular trade at $7.24, up from the previous close of $7.04, on 23,800 shares.
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