Monday, Molecular Insight Pharmaceuticals, Inc. (MIPI), a biopharmaceutical company, reported a narrower net loss for the fourth quarter on lower research and development expenses associated with the conclusion of the Zemiva trial and the timing of activity surrounding the Azedra clinical efforts.
Zemiva is the company's lead molecular imaging radiopharmaceutical product candidate being developed for the diagnosis of cardiac ischemia, or insufficient blood flow to the heart. Azedra, Onalta, and Solazed are the other candidates being developed for detection and treatment of cancer.
Net loss for the quarter narrowed to $15.8 million or $0.63 per share from $21.6 million or $0.87 per share in the corresponding period last year. On average, four analysts surveyed by Thomson Reuters expected the company to incur a loss of $0.90 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue was about $0.240 million compared to approximately $0.150 million in the year-ago quarter. Three analysts had a revenue consensus estimate of $0.210 million for the quarter. The company attributed the increase in revenue to timing of research and development grant related activities.
Operating expenses declined 44% from the same period last year. Research and development expenses, which represent 60% of total operating expenses, slid to $6.7 million from $13.4 million in the corresponding period last year
For the twelve-month period, net loss attributable to common stockholders widened to $81.3 million or $3.25 per share from $61.2 million in 2007. Included in the net loss for 2008 is revenue of about $0.5 million, which represents grant revenue from various Research and Development grants compared to about $0.7 million in 2007.
Analysts expected the company to report a loss of $3.52 per share on revenues of $430 thousands in 2008.
Operating expenses 2008 increased by 6% to $62.4 million from $58.4 million last year. R&D expenses, which accounted for 62% of the company's operating expenses, declined 5% to $38.7 million from $40.5 million last year.
The company expects operational efficiency improvements and cost cutting measurers to reduce its cash burn by 10% to 20% in 2009 and 2010 as compared to 2008 and provide with the financial resources necessary to carry out our near-term development plans.
Looking ahead, the company said it would work with the U.S. Food and Drug Administration, or FDA, to reach an agreement on a Phase 3 protocol for Zemiva and expects the Phase 3 trial to begin in early 2010.
The company said Azedra received FDA agreement on Special Protocol Assessment for Accelerated Approval for the Treatment of Malignant Pheochromocytoma in adults. The company expects the trial to begin in the second half of 2009.
Molecular Insight said a Phase 2a dose-ranging and efficacy clinical trial in children with high-risk neuroblastoma is currently underway for Azedra. The company expects this trial to be completed in the second half of 2009.
MIPI is currently down $0.17 or 6.34 and trades at $2.51.
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