MediciNova Inc said it has reported a net loss of $2.3 million or $0.14 per share in second quarter ended June 30, 2012. The biopharmaceutical company had reported a net loss of $4.7 million or $0.31 a share in the corresponding period last year.
The research and development service revenue pertaining to the Kissei services agreement was $0.5 million.
In the second quarter, MediciNova’s R&D expenses stood at $1.5 million compared to $2.0 million posted in the same quarter last year. The decline in the R&D expenses was on account of a decrease in the spending on the prioritized asset MN-221 for treating acute exacerbations of asthma and COPD. Another reason for the plunge in R&D expenses is the lower stock based compensation expense in the most recent quarter.
For the quarter ended June 30, 2012, the general and administrative expenses fell by $1.3 million due to the decrease in the stock-based compensation expense, partially offset by increase in compensation expense pertaining to the bonus of employees.
The company had $7.3 million in cash and cash equivalents as of June 30, 2012, as against $15.1 million of cash and cash equivalents at December 31, 2011.
MediciNova is a publicly traded biopharmaceutical company founded on acquisition of developing novel, small-molecule therapeutics for treating diseases with unmet needs with a commercial focus on the U.S. market.