"We continue to be pleased with the progress achieved in both our FOB and IPLEX(TM) programs," said Geoff Allan, President and CEO of Insmed. "We are aggressively pursuing a partner for our FOB program and continue to advance the development of IPLEX(TM) in MMD and ALS."
Revenues for the first quarter ended March 31, 2008 were $2.3 million, up from $1.7 million for the corresponding period in 2007. The increase was primarily attributable to a $1.6 million improvement in cost recovery from our EAP to treat patients with ALS in Italy. This was partially offset by the revenues lost from our withdrawal of IPLEX(TM) in the short stature market pursuant to the terms of our March 2007 Settlement Agreement with Genentech Inc. and Tercica Inc., and the absence of license income from our agreement with Napo Pharmaceuticals Inc., ("Napo") from which we received a milestone payment in the first quarter of 2007.
The net loss for the first quarter of 2008 was $4.8 million or $0.04 per share, compared with a net loss of $10.3 million or $0.10 per share in the first quarter of 2007. This $5.5 million improvement was primarily attributable to the $0.6 million increase in revenues noted above and a $4.9 million reduction in total expenses.
The $4.9 million total reduction in expenses was due to a $3.9 million decline in selling, general and administrative expenses ("SG&A Expenses"), a $0.9 million decrease in research and development expenses ("R&D Expenses"), and the elimination of $576,000 cost of goods sold, which was partially offset by a $392,000 non-cash loss on investments.
The reduction in SG&A Expenses was due primarily to the elimination of
litigation expenses following the March 2007 settlement and the removal of
commercial expenses associated with our business restructuring plan. The
elimination of the cost of goods sold resulted from our withdrawal of
IPLEX(TM) from the short stature m
|SOURCE Insmed Inc.|
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