Print
Email
Print Edition Stories
Following the Clean Energy Council Fellows
MHT's Marc Songini: Technology to keep seniors healthy
MHT's Marc Songini: Mass. bio firms prep for lifting of stem cell ban
ArQule Inc., the Woburn-based biotechnology company focusing on cancer treatments, has cut its losses almost in half by reducing research and development costs, reducing administrative costs and recognizing revenue from research collaborations.
The company reported a loss of $8.3 million for the second quarter of 2009, down from $16 million for the corresponding period last year. The company reduced administrative costs to $3.2 million for the quarter, down from $4.2 million for the second quarter of 2008. Research and development costs were trimmed to $12.6 million for the second quarter from $15 million for the same period last year.
The company took in $6.1 million in research and development revenue in the quarter ending June 30, 2009, up from $2.6 million for the second quarter in 2008. The revenue stems mostly from collaborations with the Japanese pharmaceutical company Daiichi Sankyo covering two different drug programs.
ArQule had $117.4 million in cash, cash equivalents and marketable securities on hand on June 30, down from $141.9 million on December 31, 2008.
ArQule confirmed its previous guidance that the company has a total cash burn for 2009 of between $46 million and $49 million. The company expects its net loss to range between $44 million and $47 million.
ArQule’s (Nasdaq:ARQL) stock was trading at $5.54 in midday trading on Thursday, down from $5.73 at the previous close.
RSS Feeds
Comments
Please Login/Register to post comments.
No comments have been added or approved.