August 14, 2008
More Borrowing And A Greater Loss For Hopkinton Firm
By Matthew L. Brown
Alseres Pharmaceuticals Inc., a Hopkinton-based firm developing drugs for nervous system disorders, reported a net loss of $6.1 million for the second quarter.
For the same period a year ago, the company reported a $5.3 million net loss. However, the company said it had $5.3 million in cash and investments at the end of the quarter compared to $4.2 million the previous year.
The company also spent nearly $1 million more on research and development in the second quarter of 2008 than it did in the same period the prior year.
In June, the company borrowed $5 million from Robert Gipson, an investor and former member of the company's board of directors.
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