| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Momenta Pharmaceuticals, Inc. > News item |
Momenta ends quarter with $202 million cash; net loss doubles to $12.0 million
By Angela McDaniels
Seattle, Nov. 3 - Momenta Pharmaceuticals, Inc. had cash, cash equivalents and marketable securities of $202.0 million at Sept. 30, compared with $139.9 million at June 30 and $156.3 million at Dec. 31, 2005.
Revenue increased to $4.1 million for the third quarter ended Sept. 30 and $12.0 million for the first nine months of 2006 from $3.0 million and $9.7 million for the same respective periods of 2005.
The company attributed the increase in both periods to increased spending associated with preparing for the potential commercial launch of M-Enoxaparin in the United States. Momenta noted that revenue in all periods was earned under the company's 2003 collaboration agreement with Sandoz NV and Sandoz Inc., affiliates of Novartis AG, for M-Enoxaparin, a technology-enabled generic version of the low molecular weight heparin drug Lovenox.
The net loss grew to $12.0 million for the third quarter from $6.0 million for the prior-year period. For the nine months ended Sept. 30, the company reported a net loss of $35.9 million, compared with a net loss of $14.4 million for the first nine months of 2005.
The net loss grew to $0.37 per basic and diluted share from $0.21 for the third quarters of 2006 and 2005, respectively, and to $1.15 per basic and diluted share for the first nine months of 2006 from $0.55 for the same period of 2005.
Operating expenses jumped to $17.9 million for the third quarter from $10.0 million for the third quarter of 2005 and to $52.9 million for the nine months ended Sept. 30 from $25.7 million for the same nine-month period of 2005.
Momenta attributed the increase in both periods to increased manufacturing and third-party research costs, increased lab and facilities costs and headcount-related expenses including greater stock-based compensation.
Momenta is a Cambridge, Mass.-based biotechnology company specializing in the characterization and engineering of complex drugs.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.