Momenta’s Q2 losses narrow

For the six months ended June 30, 2008, the company reported a net loss of $28.3 million,compared with a net loss of $35.7 million in the same period of 2007.

Revenue for the second quarter of 2008 was $3.6 million, compared to $4.2 million for the second quarter of 2007. For the six months ended June 30, 2008, revenue was $7.7 million, compared to $6.4 million in the same period of 2007.

The decrease in revenue from the second quarter of 2007 compared to the second quarter of 2008 was due to the timing of development expenditures reimbursable under the company’s collaborations with Sandoz, an affiliate of Novartis. The increase in revenue for the six months ended June 30, 2008 compared to the same period in 2007 was the result of increased amortization income, the company said.

Craig Wheeler, president and CEO of Momenta, said: “A highlight of the second quarter was the receipt of written guidance from the FDA that clarified our path forward for M-Enoxaparin.”