Molecular Insight Pharmaceuticals Inc. (MIPI) filed Quarterly Report for the period ended 2009-09-30.
MOLECULAR INSIGHT PHARMACEUTICALSINC. is a biopharmaceutical company specializing in the emerging field of molecular medicineapplying innovations in the identification & targeting of disease at the molecular level to improve healthcare for patients with life-threatening diseases. The company is focused on discoveringdeveloping & commercializing innovativemolecular radiotherapeutics & molecular imaging pharmaceuticals with initial applications in the areas of oncology & cardiology. Its lead molecular radiotherapeutic product candidatesAzedra & Onaltaare being developed for detection & treatment of cancer. The company's lead molecular imaging pharmaceutical product candidateZemivais being developed for the diagnosis of cardiac ischemiaor insufficient blood flow to the heart. In additionthe company has a growing pipeline of product candidates resulting from application of its proprietary platform technologies to new and existing compounds. Molecular Insight Pharmaceuticals Inc. has a market cap of $113.08 million; its shares were traded at around $4.48 with and P/S ratio of 238.06.
Highlight of Business Operations:
Under the terms of the Agreement, we are entitled to receive an initial, nonrefundable payment of $4.4 million of which $1.0 million was received in September 2009 and $3.4 million was received in October 2009, and will be eligible to receive more than $10 million in total regulatory milestone payments, net of license payments to Novartis. We will also be eligible to receive milestone and tiered royalties on Onalta sales. The Agreement also provides that during the term of the Agreement, BioMedica will purchase all of its requirements for Onalta exclusively and solely from the Company, a Company-designated third party manufacturer, and/or a BioMedica designated third-party manufacturer approved by the Company, the terms and conditions of which are outlined in a definitive supply agreement executed in October 2009 (“Supply Agreement”). The term of the Supply Agreement is for ten (10) years and provides for guaranteed monthly minimum purchases within a defined period of time by BioMedica.
Revenue increased by approximately $39,000 or 64%, to approximately $101,000 for the three months ended September 30, 2009 from approximately $62,000 for the three months ended September 30, 2008. The Company receives funding under various Research and Development grants. The increase is primarily due to three new grants obtained at the end of 2008, three new grants received in the current period, an increase in the program total for two grants obtained in 2008 due to contract term extensions and timing of grant-related activities.
Other expense, net, increased $0.1 million to $5.0 million for the three months ended September 30, 2009 from other expense, net of $4.9 million for the three months ended September 30, 2008. During the three months ended September 30, 2008 and 2009, interest expense was $5.8 million and $5.3 million, respectively, partially offset by interest income of $0.8 million and $0.2 million, respectively. The decrease in interest expense of $0.5 million in the third quarter of 2009 as compared to the third quarter of 2008 was
due to lower LIBOR interest rates on our $150 million Senior Secured Floating Rate Bonds (“Bonds”) and paid-in-kind bonds (“PIK Bonds”), offset by an increase in the principal base on which interest is accrued. Interest accrued on the Bonds for the first three years from issuance date is payable through the issuance of paid-in-kind bonds (“PIK”) and begins to accrue interest from the date of issuance of such PIK Bonds. The average interest rate was 10.82% and 8.66% for the three months ended September 30, 2008 and 2009, respectively. The decrease in interest income of $0.6 million in the current quarter was the result of lower yields on our investments as well as a decrease in investments. The investments and associated income are utilized to fund current operations.
Revenue increased by approximately $212,000, or 89%, to approximately $450,000 for the nine months ended September 30, 2009 from approximately $238,000 for the nine months ended September 30, 2008. The Company receives funding under various Research and Development grants. The increase is primarily due to three new grants obtained at the end of 2008, three new grants received in the current period, an increase in the program total for two grants obtained in 2008 due to contract term extensions and timing of grant-related activities.
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