the six months ended June 30, 2009, sales and marketing expenses were $466,568, compared to $1,534,995 for the same period in 2008, a 70% decrease. The company terminated its direct sales force for its catheter products in the fourth quarter of 2008 and will continue to minimize sales and marketing costs while it focuses on growing its business-to-business revenue streams. General and administrative expenses for the three and six months ended June 30, 2009 were $659,004 and $1,409,833, respectively, as compared to $779,363 and $1,317,648 for the comparable periods in 2008, a decrease of 15% for the three-month period and an increase of 7% for the six-month period. Substantially all of the increase in general and administrative expenses in the six-month period reflects an increase in stock-based compensation charges. Product development and clinical trial expenses were $864,702 and $1,741,482 respectively, for the three and six months ended June 30, 2009, as compared to $414,958 and $1,036,703 for the same periods in 2008, representing increases of 108% and 68% respectively. Product development expenditures to advance the Neovasc Reducer CE mark regulatory submission and the final Metricath Gemini PMA submission contributed to the increase.
The consolidated net loss for the three and six months ended June 30, 2009 was $1,330,451 and $3,076,691, or $0.05 and $0.14 basic loss per share, as compared to a net loss of $1,915,673 and $3,657,248, or $0.34 and $0.66 basic loss per share for the comparable periods in 2008. The decrease in net loss year-on-year reflects the company's increased revenues and decreased losses.
Liquidity and Capital Resources
The company finances its operations and capital expenditures with cash generated from operations, lines of credit, long-term debt and equity financings. At June 30, 2009, the company had cash and cash equivalents of $1,340,471, as compared to cashPage: 1 2 3 4 5 6 7 8 9 10 11 12 Related medicine news :1
. Neovasc Reports Development Progress, Streamlined Operations and Issuance of Options2
. Neovasc Inc. Reports Third Quarter Fiscal Year 2008 Financial Results3
. Neovasc Announces Agreement With LeMaitre Vascular for Exclusive Distribution Rights to its Biological Vascular Strips4
. Neovasc Receives CE Mark Approval for Peripatch(TM) Aegis Staple Line Reinforcement Product5
. Neovasc to Raise $2 Million in Non-Brokered Private Placement6
. Neovasc Inc. Reports Year 2008 Financial Results7
. Neovasc Completes $2 Million Non-Brokered Private Placement8
. Positive Results for Ophthotechs Novel Therapy for Wet AMD - Study of Anti-PDGF and Anti-VEGF Therapy Shows Significant Neovascular Regression and Enhanced Visual Outcome9
. Neovasc Inc. Reports First Quarter 2009 Financial Results10
. Neovasc Inc. Postpones Plans for U.S. Listing to Focus Funds on Commercializing Its Reducer Device for Refractory Angina11
. New Study Reports High Injury Rates for Hotel Workers, Even Higher Rates for Women and Nonwhites