Financial Results for Fourth Quarter and Full-year 2007
Revenues for the fourth quarter ended December 31, 2007 were $2.1 million, up from $502,000 for the corresponding period in 2006. The increase was mainly attributable to improvements in cost recovery from our EAP to treat patients with ALS. This was partially offset by the revenues lost from our withdrawal of IPLEX(TM) from the short stature market pursuant to the terms of our Settlement Agreement.
The net loss for the fourth quarter of 2007 was $3.3 million or $0.03 per share, compared with a net loss of $21.4 million or $0.21 per share in the fourth quarter of 2006. This improvement was attributable to a reduction in selling, general and administrative expenses ("SG&A Expenses"), which fell to $947,000 from $9.7 million and the elimination of both a $7.1 million asset impairment charge and an $836,000 cost of goods sold charge, which occurred in 2006. These were partially offset by an increase in research and development expenses ("R&D Expenses") from $4.3 million to $4.5 million.
The reduction in SG&A Expenses was due primarily to reduced litigation
expenses and the elimination of commercial expenses associated with our
business restructuring plan. The elimination of the asset impairment charge
and cost of goods sold resulted from our withdrawal of IPLEX(TM) from the
short stature market, while the higher R&D Expenses reflected an increase
|SOURCE Insmed Inc.|
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