TopoTarget loss deeper but hopeful for future

Danish firm TopoTarget has reported an increased loss for the second quarter of 2008, as compared to the year before, on falling revenue, but has high hopes for key oncology candidate belinostat.

The company's turnover decreased 34.7% to 10.0 million kroner ($2.0 million), whilst R&D expenses increased 81.3% to 40.8 million kroner. This resulted in the firm's net loss rising to 56.6 million kroner, or 0.89 kroner loss per share, versus 44.0 million kroner, or 0.93 kroner loss per share. At the end of the quarter, the firm had cash and cash equivalent assets equalling 211.6 million kroner vs 557.0 million kroner at the same time last year.

Full-year guidance raised regardless