Biostage cuts third quarter losses
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Holliston biotechnology company Biostage, Inc. announced last week it had cut its third quarter losses through reductions in research and development and administrative expenses.
The company, whose main research effort is an esophageal implant, still reported a $700,000 loss for the quarter ended on Sept. 30. However that loss is much lower than the same quarter in 2019, when the company reported a net loss of $2.4 million. In a press release in January, the company attributed this $1.7-million decline in loss to a $1.1-million decrease in research and development costs, a $0.4-million decrease in general and administrative expenses, and a $0.2-million increase in grant income from the company's fast-track Small Business Innovation Research (SBIR) grant.
The company reported a $3.8-million net loss for the first three quarters of the year, compared to a $6.7-million loss for the first three quarters of 2019.
As of Sept. 30, the company had $2 million operating cash on-hand.
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