Biostage cuts annual losses by $3.4M
Courtesy | Biostage
Holliston biotechnology company Biostage Inc. announced last week it had cut its yearly losses by $3.4 million through reductions in research & development and administrative expenses.
The company reported Tuesday for the year ending Dec. 31 it had $4.9 million in losses, down from $8.3 million the year prior. The $3.4-million year-over-year decrease in net loss was due primarily to a $2.7 million decrease in R&D costs and a $0.7-million decrease in general and administrative expenses, according to a release from the company.
The yearly loss reduction was accompanied by news the company had cut its fourth quarter losses to $1 million, compared to $1.6 million for the previous year’s fourth quarter. The major factors in this were a $0.5 million decrease in R&D costs and a $0.1-million decrease in general and administrative expenses, according to Biostage.
However, at the end of the fiscal year, the company had operating cash on-hand of $1 million. The company’s operations for the year required $4 million in net cash, with Biostage having received $4.2 million from financing activities over the course of the year.
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