narrowed its second-quarter loss, beating analysts' estimates, on higher sales.
The biotechnology company, maker of the experimental cancer drug Erbitux, lost $34.8 million, or 47 cents a share, in the quarter ended June 30 compared with a loss of $46.5 million, or 63 cents a share, in the prior-year period. Analysts were expecting a loss of 52 cents a share. Total sales were $17.9 million, up from $11.6 million last year.
Sam Waksal, the founder of former chief executive of New York-based ImClone, is currently serving a seven-year jail sentence for insider trading. Waksal attempted to sell ImClone shares in 2001 before the company announced that its marketing application for Erbitux would not be reviewed.
Total operating expenses were $51.7 million, down from last year's $58.1 million. Research and development expenses were $41.7 million, up from $38.2 million in the year-ago period.
ImClone also said it believes existing cash on hand, marketable securities and license agreements should enable it to maintain operations through at least June 2004.
About a month ago
the company regained compliance with the
Nasdaq National Market
, and shares closed at $40.39 Tuesday.