GPC narrows 2nd-qtr loss after restructuring
German firm GPC biotech reported a drop in revenue for the second quarter of 2008, but still narrowed its net loss through cost-cutting measures and restructuring.
Sales were down 56% to 1.5 million euros ($2.25 million) for the quarter versus the same period of last year. The firm puts the decrease in turnover down to a reduction in the amount paid to GPC by Celgene for its development agreement for satraplatin.
The company's net loss was reduced to 6.4 million euros, or 0.17 euros per share, vs 22.1 million euros, or 0.61 euros per share. The firm notes a 21% reduction in R&D expenses and an inflated comparative figure, due to commercial infrastructure costs and legal fees, as the reason for the narrowing of its loss.
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