May 15, 2008
Q1 Loss Increases By More Than $1M At Alseres
By Eileen Kennedy
Alseres Pharmaceuticals Inc. of Hopkinton did not see any revenue, while its net loss widened during the first quarter of 2008.
The biotech firm, which is developing therapeutic and diagnostic products for central nervous system disorders, saw a net loss of $5.3 million in the first quarter, compared to $4.1 million during the same period in 2007.
The company's general and administrative costs in the first quarter were $2.7 million, compared to $1.6 million during the same time last year. Alseres said increased headcount, patent costs, and higher commercialization and communications costs were the reasons for the large increase over last year.
It also borrowed $5 million from its venture capital backers, with the possibility of borrowing another $5 million. That's addition to the $25 million it has already borrowed from them. Its backers are Robert L. Gipson, Thomas Gipson, Arthur Koenig, Ingalls & Snyder Value Partners LP and Highbridge International LLC.
The biotech firm, which is developing therapeutic and diagnostic products for central nervous system disorders, saw a net loss of $5.3 million in the first quarter, compared to $4.1 million during the same period in 2007.
The company's general and administrative costs in the first quarter were $2.7 million, compared to $1.6 million during the same time last year. Alseres said increased headcount, patent costs, and higher commercialization and communications costs were the reasons for the large increase over last year.
It also borrowed $5 million from its venture capital backers, with the possibility of borrowing another $5 million. That's addition to the $25 million it has already borrowed from them. Its backers are Robert L. Gipson, Thomas Gipson, Arthur Koenig, Ingalls & Snyder Value Partners LP and Highbridge International LLC.
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