Momenta's generic drug approval aids Q2 finances
Momenta Pharmaceuticals Inc. is reporting that it narrowed its loss for the second quarter in the run up to its approval for its generic drug, enoxaparin, considered an alternative to Sanofi-Aventis’ Lovenox, an injectable drug to prevent and sometimes treat blood clots in the leg. The company reported both lower revenue and lower spending on a year-over-year basis, due largely to the winding down of clinical trials for the newly-approved drug and its submission to the U.S. Food and Drug Administration.
The Cambridge-based biotechnology company had a net loss of $15 million for the second quarter of 2010, down from a loss of $16.8 million for the corresponding period the previous year. The company brought in $2.8 million in collaboration revenue from drug development partners, down from $6.6 million for the second quarter of 2009. Research and development costs were $11.8 million for the second quarter this year, versus $17.7 million for the same period last year.
Enoxaparin, was developed under a collaboration agreement between Momenta and Germany-based Sandoz, is also used in combination with aspirin to prevent complications from angina (chest pain) and heart attacks. The drug was approved by the FDA last month.
Investors responded positively to the earnings report - shares of Momenta (Nasdaq:MNTA) were up four percent in midday trading, to $22.22, up from $21.34 at the previous close.