Peregrine's loss narrows 28% on cost cuts

USA-based firm Peregrine narrowed its loss in the second fiscal quarter ending October 31, 2008, compared to the same period of the year before, on cost-cutting measures.

Revenue was $1.9 million during both periods, yet total expenditure was reduced by 23% to $6.5 million versus $8.4 million. R&D costs were also down to $4.3 million vs $5.1 million, though the firm says it has increased activity in the division.

The firm's subsidiary Avid Bioservices generated revenue from contract manufacturing of $983,000 vs $1.9 million due to the timing of product shipments, since several batches were not shipped until the third quarter, when these revenues will be recorded, says the company.