Molecular Insight reports larger loss

Molecular Insight Pharmaceuticals Inc., a Cambridge biotechnology company, reported a larger second-quarter loss today, as it spent more money to develop its drug candidates.

Molecular Insight lost $21 million, or 84 cents per share, compared with a loss of $11.5 million, or 47 cents per share a year earlier. All the development-stage company's revenue comes from grants by the National Institute of Health, and those grants increased to $88,000 from $17,000. However, its total expenses increased 36 percent, to $16.4 million.

On average, analysts expected a loss of 81 cents per share on $17,000 in revenue, according to Thomson Reuters.

Molecular Insights is a development stage company, meaning it does not have any products on the market. The company is developing cancer drugs including Azedra and Onalta, and imaging agents such as Trofex.

Research and development costs rose to $10.1 million during the quarter, from $7.7 million, and general expenses climbed to $6.4 million from $4.4 million. Interest income increased but did not keep up with interest expenses.

The company said it finished an early-stage trial of Azedra against adrenal gland tumors, and began a midstage trial of the drug against cancers that affect nerve tissue. It completed enrollment in a midstage trial of its imaging agent Zemiva in the detection of cardiac ischemia, a condition in which blood flow and oxygen are blocked from a particular part of the body. It also started an early-stage trial of Trofex in prostate cancer.

That trial is also evaluating two cancer drug candidates Molecular Insight has discovered.

In morning trading on the Nasdaq Stock Market, Molecular Insight shares fell 23 cents, or 2.7 percent, to $8.16. (AP)