NEW YORK (GenomeWeb) – BG Medicine reported after the close of the market on Friday that its second quarter revenues plummeted 37 percent year over year as it narrowed its net loss.
For the three months ended June 30, the Waltham, Massachusetts-based firm reported total revenues of $505,000 compared to $799,000 in the year-ago period.
The company's Q2 net loss was $2.0 million, or $.23 per share, compared to a net loss of $2.2 million, or $.26 per share, in the year-ago period.
BG Medicine's R&D spending fell 13 percent to $498,000 from $573,000, while its SG&A expenses dropped 33 percent to $1.3 million from $1.9 million.
The company finished the quarter with $178,000 in cash. On Thursday, the company announced a public offering that is expected to bring in net proceeds of $2.1 million.
During the quarter, the company's US Food and Drug Administration-cleared assay for galectin-3 was made available for purchase in the US through BG Medicine's partner Abbott.
"The commercialization of automated testing for galectin-3 has just begun," BG Medicine President and CEO Paul Sohmer said in a statement. "In light of last month's US market introduction by Abbott of the ARCHITECT Galectin-3 assay, we expect that product fees generated through initial sales of automated tests for galectin-3 in the US and payable to the company by Abbott will be reported with our fourth quarter results."
BG Medicine noted that its primary focus in the first half of the year was to ensure that it has adequate resources to support the test's launch. To that end the company "raised additional capital, we continued to reduce our operating expenses and cash burn, and we paid off our secured term loan and are now debt free," Sohmer noted.
In July, the company effected a one-for-four reverse stock split to remain listed on the Nasdaq.