NEW YORK, May 31 (GenomeWeb News) - Chondrogene's first-quarter revenue declined around 1 percent as R&D spending surged 85 percent and net losses 26.5 percent year over year, the company reported today.
Total receipts for the three months ended March 31 declined to CA$868,222 ($788,312) from CA$878,251 year over year.
Though the brunt of the total receipts were from a one-time payment from Pfizer that was unchanged from the first quarter 2005, the decline in the current period stemmed from lower fees and service payments, which fell to CA$196,459 in the current quarter from CA$206,488 year over year.
Chondrogene said R&D spending swelled to CA$ 2.4 million from CA$1.3 million in the year-ago period.
First-quarter net loss jumped to CA$2.2 million from CA$1.1 million year over year.
Chondrogene said it had around CA$4.4 million in cash and equivalents as of March 31.
Since the quarter ended, Chondrogene closed a CA$25 million private stock placement that will enable the company to "drive commercialization" of its lead product, the ColonSentry test for colon cancer.