Momenta Pharmaceuticals first-quarter net loss decreases to $16.1 million

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 March 31, 2010.

For the first quarter of 2010, the Company reported a net loss of $16.1 million, compared with a net loss of $17.9 million for the same period last year. At March 31, 2010, the Company had cash, cash equivalents, and marketable securities of $81.7 million, compared with $95.7 million at December 31, 2009.

"We continue to believe that the FDA will approve the ANDA for generic Lovenox^® and, together with our collaborative partner Sandoz, we are prepared for a potential launch," commented Craig A. Wheeler, President and Chief Executive Officer. "The FDA review of the ANDA for generic Copaxone^® is also well underway. We continue to make progress on our novel drug development pipeline, including advancing our novel anti-cancer compound, M402, closer to clinical testing. Finally, with the passage of the healthcare reform bill, we are now in a position to move forward with our follow-on biologics program with greater clarity," he added. "This is an exciting time for Momenta and we believe we are well-positioned for continued progress across our programs."

First Quarter 2010 Financial Results

Revenue for the first quarter of 2010 was $3.7 million, compared to $4.0 million for the same period last year.  The decrease in revenue was primarily due to a decrease in reimbursable manufacturing expenses associated with our M356 program. Research and development expenses for the first quarter of 2010 were $12.3 million, compared to $15.8 million for the same period last year. The decrease in research and development expenses principally resulted from a decrease in clinical development costs due to the completion of the M118 Phase 2a clinical trial in June 2009 and a decrease in M356 program costs.

General and administrative expenses for the first quarter of 2010 totaled $7.5 million, compared with $6.3 million for the same period last year. The increase in general and administrative expenses was primarily due to increased stock-based compensation expense and other personnel and related costs.