Biotech Values

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Momenta Pharma beats by $0.03, misses on revs (MNTA) 21.34 : Reports Q2 (Jun) loss of $0.34 per share, $0.03 better than the Thomson Reuters consensus of ($0.37); revenues fell 57.6% year/year to $2.8 mln vs the $3.9 mln consensus.

Momenta Pharmaceuticals Reports Financial Results for the Second Quarter of 2010

CAMBRIDGE, Mass., Aug. 2, 2010 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (Nasdaq:MNTA), a biotechnology company specializing in the characterization and engineering of complex drugs, today reported its financial results for the quarter ended June 30, 2010.

For the second quarter of 2010, the Company reported a net loss of $15.0 million, compared with a net loss of $16.8 million for the same period last year. At June 30, 2010, the Company had cash, cash equivalents, and marketable securities of $68.7 million, compared with $95.7 million at December 31, 2009.

"On July 23rd the Company received notice of the highly anticipated approval of the ANDA for generic Lovenox®," commented Craig A. Wheeler, President and Chief Executive Officer. "We were pleased that the FDA set a high scientific standard for demonstrating equivalence for enoxaparin. This historic approval has far-reaching implications for Momenta's broader goal of applying our innovative analytical and process technologies to develop and commercialize complex mixture and follow-on biologic drugs," he continued. "Furthermore, this approval would not have been possible without the hard work and dedication of Momenta's employees. I want to acknowledge their unwavering commitment to scientific innovation and excellence and thank them for a superior effort," Wheeler concluded.

Second Quarter 2010 Financial Results

Revenue for the second quarter of 2010 was $2.8 million, compared to $6.6 million for the same period last year. The decrease in revenue was due to a decrease in reimbursable manufacturing expenses associated with our M356 program and a decrease in reimbursable expenses associated with our enoxaparin sodium injection program as the ANDA review process approached completion.

Research and development expenses for the second quarter of 2010 were $11.8 million, compared to $17.7 million for the same period last year. The decrease in research and development expenses principally resulted from a decrease in manufacturing, process development and third-party research costs in support of our M356 program and clinical development costs due to the completion of our M118 Phase 2a clinical trial in June 2009.

General and administrative expenses for the second quarter of 2010 totaled $5.9 million, compared with $5.8 million for the same period last year. The increase in general and administrative expenses was primarily due to increased professional fees and other personnel and related costs.

Conference Call Information

Management will host a conference call on Monday, August 2, 2010 at 10:00 am EDT to discuss these results and provide an update on the Company. To access the call, please dial [phone] (domestic) or [phone] (international) prior to the scheduled conference call time and provide the access code 88773238. A replay of the call will be available approximately two hours after the call and will be accessible through August 16, 2010. To access the replay, please dial [phone] (domestic) or [phone] (international) and provide the access code 88773238.