NEW YORK (GenomeWeb News) – ChondroGene today said that second-quarter revenue slid 42 percent as R&D spending rose by nearly one-third and net losses swelled 160 percent.
Total receipts for the three months ended June 30 declined to CA$873,020 ($781,020) from CA$1.5 million year over year. ChondroGene said the current quarter’s results comprise a CA$679,228 amortized one-time payment from Pfizer as part of an R&D alliance penned in 2004 and around CA$194,000 in fee and service revenue.
R&D spending in the quarter increased to CA$2.1 million from CA$1.6 million in the year-ago period.
Second-quarter net loss surged to CA$1.9 million from CA$731,545 year over year, ChondroGene said.
The company said it had around CA$25.8 million in cash and equivalents as of June 30.