Biodel Inc. cut its fiscal third-quarter loss by half as costs fell sharply for R&D and clinical testing for its line of fast-acting insulin inhalers and pumps.
Biodel lost $4 million, or 12 cents a share, in the three months ended June 30, down from $8.6 million, or 36 cents a share, a year ago.
The company had no revenues in either period.
Research and development expenses were $2.9 million for the three months ended June 30, down from $5.9 million a year earlier due to lower clinical and regulatory expenses, said President and CEO Errol De Souza.
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Quarterly overhead also was cut to $2.4 million, $400,000 less than a year earlier, the company said.
At June 30, Biodel said it had liquidity of $42 million and 38.6 million shares outstanding.
