Thursday, Pharmacopeia Inc. (PCOP), a biopharmaceutical company, reported a wider net loss for the second quarter, despite a 19% increase in revenues, as operating expenses soared from the year-ago period. The Princeton, New Jersey-based company said second quarter net loss widened to $15.6 million or $0.53 per share from $6.9 million or $0.26 per share reported in the year ago quarter.
On average, three analysts polled by First Call/Thomson Financial expected a loss of $0.43 per share for the quarter.
Net revenue rose to $5.9 million from $5.0 million in the previous year, yet fell short of Street target of $6.43 million.
Total operating expenses surged to $22.18 million from $13.49 million reported last year.
For the six months ended June 30, 2008, Pharmacopeia's net loss widened to $27.3 million or $0.92 per share from $16.9 million or $0.63 per share for the same period in 2007. Net revenue increased to $12.1 million from $11.3 million in the prior year.
The company recorded a charge of about $1.7 million in both 3-month and 6-month periods, associated with severance and benefits costs related to the former employees affected by the reduction in force and costs associated with streamlining facilities.
The company also announced that it intends to pursue diabetic nephropathy as the primary indication for PS433540, the lead compound from its Dual Acting Receptor Antagonist program.
PCOP closed Thursday's regular trade at $3.27, up $0.06, on 48,973 shares. The stock dropped 3.2690 in the extended trade.
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