Capstone second-quarter net loss decreases to $2.9 million

Capstone Therapeutics (Nasdaq:CAPS) (formerly OrthoLogic Corp.; the "Company"), today announced financial results for the second quarter of 2010.

The Company reported a net loss of $2.9 million, or $0.07 per share, for the second quarter of 2010, compared to a net loss of $3.1 million or $0.08 per share for the second quarter of 2009. The Company incurred a net loss in the six months ended June 30, 2010 of $5.9 million compared to a net loss of $7.3 million in the same period in 2009. The $1.4 million decrease in net loss for the six months ended June 30, 2010 compared to the same period in 2009 resulted primarily from the purchase in 2009 of peptide for pre-clinical studies and completion in 2009 of the Company's planned partnering or development collaboration research support activities for Chrysalin. These cost decreases were partially offset by reduced interest income, due to the decrease in interest rates earned on investments between the two periods and reduction in the amount available for investment.

The Company ended the second quarter of 2010 with approximately $30 million in cash and investments.