Nastech Posts Lower Q2 Losses Amid Revenue Increase
Nastech Pharmaceutical reported this week its second-quarter financial results, posting a sharp increase in revenues that helped drive down losses.
Nastech’s revenues in the quarter jumped to $11.4 million from $1.6 million a year earlier, reflecting the receipt of $11.2 million in license and research fees from the company’s non-RNAi drug collaborations.
The company’s net loss in the second quarter dropped to $600,000, or $0.03 per share, compared with $8.3 million, or $0.47 per share, in the same period the year before. According to Nastech, the lower losses were “due to a combination of higher revenue and interest income in the current year periods, partially offset by higher spending due to headcount growth and increased funding to support our research and development projects.”
Nastech’s second-quarter R&D costs rose to $8.8 million from $6.1 million in the second quarter last year, while the firm’s selling, general, and administrative spending increased by about $700,000 to $3.7 million.
Nastech had cash, cash equivalents, and short-term investments totaling $63.3 million as of June 30.
Lentigen Inks Cancer Drug Collaboration with UPenn
Lentigen said last week that it has signed a collaborative research agreement with the University of Pennsylvania to develop new cancer therapeutics.
According to Lentigen, it will work with James Riley, a researcher from UPenn’s school of medicine who focuses co-stimulatory pathways that control human T-cell activation and differentiation.
An initial focus of the collaboration, the company said, will be how to “use the knowledge of T-cell signaling pathways to design novel cancer therapeutics and broaden to other indications over time.”
Additional terms were not disclosed.
Bruker Daltonics to Manufacture Biosensor System for Isis’ Ibis Subsidiary
Bruker Daltonics has signed an agreement to become the exclusive worldwide manufacturer of Ibis Bioscience’s T5000 universal biosensor system, the companies said this week.
Ibis, a subsidiary of Isis Pharmaceuticals, developed the system for the identification of thousands of types of infectious organisms in a sample. The system incorporates Bruker Daltonics' micrOTOF ESI-TOF mass spectrometer.
According to the companies, Bruker Daltonics will also handle order processing, system installations, and service in North America, Europe, and the Middle East. In Europe and the Middle East, Bruker Daltonics will have exclusive rights to sell the systems and Ibis infectious organism identification kits for various government applications, as well as non-exclusive rights to sell to all other customers for all other applications except diagnostics.
Outside of Bruker Daltonics’ exclusive market, Isis may see the T5000 systems and Ibis’ infectious organism identification kits.
Additional terms of the arrangement were not disclosed.
Genesis 1H Losses Drop on ArborGen Settlement Payment
New Zealand-based RNAi drug developer Genesis Research and Development this week reported higher revenues for the first half of 2006, due to a one-time payment it received to settle a lawsuit, helping the company post a profit for the six-month period.
Genesis’ revenues for the first half of the year were NZ$9.9 million ($6.1 million), versus NZ$1.3 million in the same period a year earlier, reflecting a NZ$8.7 million settlement payment it received in June from ArborGen to end a legal dispute over ag-bio technology (see RNAi News, 6/22/2006).
On the revenue increase, Genesis reported a profit of NZ$6.1 million for the six-month period, compared with a loss of NZ$4.1 million during the same period in 2005. The company’s expenses for the first half of 2006 fell to NZ$3.8 million from NZ$5.4 million a year earlier.
CytRx Posts Higher Q2 Net Loss on Increased Expenses
CytRx posted this week its second-quarter financial results, reporting an increase in net losses on an increase in general and administrative costs.
The company’s net loss for the quarter rose to $5.5 million, or $0.08 per share, from $2.9 million, or $0.08 per share, in the year-ago quarter.
CytRx’s research and development expenses fell to $2.7 million from $2.9 million, while general and administrative costs climbed to $2.5 million from $1.6 million reflecting increased legal and travel expenses and licensing fees.
The company reported no revenues for the second quarter, unchanged from the year before.
As of June 30, CytRx had cash and cash equivalent totaling $13.2 million.