Myrexis Inc., a biotechnology and pharmaceutical development company that was spun off from Utah’s Myriad Genetics in 2009, has reported its second-quarter financial results.
The company, which is headquartered in Salt Lake City, reported a loss of $7.5 million for its fiscal 2012 second period that ended on Dec. 31, 2011. The loss per share was 29 cents.
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A year earlier, Myrexis reported a second-quarter loss of $7.9 million, or 31 cents per share.
President and CEO Robert Lollini pointed out that the company in March 2011 announced it had stopped all contract research services activities. As a result, Myrexis reported no research revenue for its recently completed second quarter or the first half of fiscal 2012.
"During the quarter, we continued to advance each of our programs consistent with our development objectives," Lollini said in a statement. "Also, we completed a corporate reorganization aligning our internal resources with our development strategy and clinical initiatives."
Lollini estimated that corporate reorganization, which saw Myrexis reduce its head count by 57 percent, or 15 employees, will result in an estimated annual cost savings of more than $9 million.
Myrexis reported that it spent $3.8 million on research and development, down from $5 million in the same period of the previous fiscal year.
For the first half of its 2012 fiscal year, the company reported a loss of $16.1 million, or 62 cents per share, compared with $17.9 million, or 71 cents per share, in the same period a year earlier. Its research and development spending for that period was $8.1 million, compared with $10.1 million.
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