Biotechnology venture BioMimetic Pharmaceuticals posted a second-quarter loss of $6.4 million, down from $8.2 million a year ago. Per diluted share, the loss was 23 cents, a penny worse than analysts had expected.
Revenues at the Franklin-based maker of regenerative products were flat at $437,000, but a drop in administrative and R&D spending — helped by the company's cutting of about 20 jobs early this year — helped narrow the company's red ink. President and CEO Sam Lynch said his team continues to work toward regulatory approval of its Augment bone graft product.
Separately, Lynch said Luitpold Pharmaceuticals — the company that in 2008 acquired from BioMimetic the rights to a dental growth factor product — has told the company it does not think it owes a $10 million milestone payment because that product has been suspended by European Union regulators. BioMimetic "has provided formal notice to Luitpold that it disputes their conclusion."
Shares of BioMimetic (Ticker: BMTI) closed Thursday trading at $3.28, down 3 percent on the day. Year to date, they're up about 15 percent.
Drug developer Cumberland Pharmaceuticals posted a Q2 profit of $1.7 million, down from $2.2 million a year ago. Per diluted share, earnings were 9 cents, 2 cents better than analysts had expected.
Revenues at West End-based Cumberland fell 14 percent to $12.4 million during the quarter mainly because year-ago sales included a spike in the company's Caldolor painkiller because of rival product shortages. A spike of more than $500,000 in R&D costs also contributed to the smaller profit.
"As we reach the halfway point in 2012, we are beginning to see the impact of the new commercial strategy that was announced earlier this year," said CEO A.J. Kazimi. "Acetadote and Kristalose have both resumed a growth trajectory and Caldolor sales are gaining momentum with a growing number of facilities stocking and approving the product."
Shares of Cumberand (Ticker: CPIX) fell about 1 percent to $5.98 Thursday. They're up 10.4 percent so far in 2012.
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