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Maxygen Posts Revenue Growth, Narrowed Loss in Q2

NEW YORK, July 30 - Maxygen today reported increases in total second-quarter  revenue and R&D spending, and a strong reduction in net loss.

 

The company said that a beefy jump in collaborative R&D revenue in the current quarter to $9.3 million from $6.0 million one year ago helped propel total receipts in the period to $10.5 million from $7.7 million over the same time last year.

 

This, plus R&D spending that in the current second quarter grew to $15.4 million from $13.0 million year over year, helped the company post a significant drop in total net loss: For the three-month period ended June 30, Maxygen said it recorded a net loss of $8.7 million, or $.26 per share, compared with $11.5 million, or $.35 per share, one year ago.

 

The Redwood City, Calif.-based company said it had roughly $221.5 million in cash, cash equivalents, and marketable securities as of June 30.

 

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