Revenues for the second quarter ended June 30, 2008 were $2.6 million, up from $2.3 million for the corresponding period in 2007. The increase was primarily attributable to a $1.4 million improvement in cost recovery from our EAP to treat patients with ALS in Italy. This was partially offset by the absence of license income from our agreement with Napo Pharmaceuticals Inc., ("Napo") from which we received a milestone payment in the second quarter of 2007.
The net loss for the second quarter of 2008 was $4.7 million or $0.04 per share, compared with a net loss of $2.5 million or $0.02 per share in the second quarter of 2007. This $2.2 million increase was primarily attributable to a $2.2 million increase in total expenses as the increase in revenues for the quarter was offset by the increase in net interest expense.
The $2.2 million total increase in expenses was due primarily to a $1.8 million increase in research and development expenses ("R&D Expenses"), a $340,000 increase in selling, general and administrative expenses ("SG&A Expenses"), and the realization of a $54,000 non-cash loss on investments.
The higher R&D Expenses reflected a rise in clinical trial costs this
last quarter as our FOB and IPLEX(TM) programs gained momentum. The
increase in SG&A Expenses was due primarily to increased investor relations
and public relations activity and the loss on investments arises from the
|SOURCE Insmed Inc.|
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