reported a 73% increase in second-quarter revenue compared to the same period last year, thanks to $7.4 million in sales of Salagen tablets.
MGI's revenue for the quarter was $9.9 million, up from last year's $5.7 million, and the company's second-quarter losses narrowed to $7 million, or 27 cents a share, from $12.3 million, or 49 cents a share, in 2002. Total costs and expenses decreased to $16.8 million for the quarter, down 8% from last year's $18.2 million.
Sales of Salagen made up 87% of the company's product sales. The drug is approved to treat symptoms of dry mouth caused by radiation therapy for head and neck cancer and Sjogren's syndrome.
The company also said it plans to add 30 new salespeople as it prepares for the launch of Aloxi, a drug that MGI says will prevent chemotherapy-induced nausea and vomiting.
In the first six months of 2003, the company's loss totaled $13.6 million, or 54 cents a share, compared to $18.5 million, or 74 cents a share, in the first half of 2002.
Shares of MGI trading on the
rose recently by 1.3%, or 36 cents, to $28.67.