Flamel Technologies 2Q loss narrows
French drug researcher Flamel Technologies said Monday its second-quarter loss narrowed slightly as it cut research and other development expenses.
The company reported a net loss of $3.5 million, or 14 cents per share, compared with a net loss of $4.3 million, or 18 cents per share, in the prior-year period. The company's revenue fell 10 percent to $6.8 million from $7.5 million due to lower research and licensing deals.
Analysts expected a loss of 9 cents per share on revenue of $8.6 million, according to FactSet.
Chief Executive Stephen Willard said the company's strategy of "aggressive cost containment led to a further strengthening of our cash position in the quarter." Costs and expenses for the quarter totaled $10.4 million, down from $12.2 million in the year-ago period.
Flamel said its cash position increased to $33 million from $26 million at the end of the first quarter. It had $33.7 million in cash at the end of the prior-year period.
The company's shares rose 4 cents to close at $5.19 before the results were issued.