PhD | Director Therapeutic Innovation and BaseLaunch
Tel. +41 61 295 50 17stephan. emmerth@baselarea. swiss
The Basel-based pharmaceutical company Myovant Sciences reduced its net loss in the second quarter by just under five million dollars compared to the previous year. It significantly increased its research and development expenses.
Myovant Sciences invested 24.2 million dollars in research and development between July and September 2017, announced a statement. In the same period last year, it invested 3.8 million dollars. The majority of these additional research expenses were invested in the development program for Relugolix.
The drug performed well for the treatment of pain and bleeding caused by uterine fibroids. In women it lowers oestrogen and progesterone levels, and in men, testosterone levels.
Myovant Sciences reported a loss of 29.9 million dollars in the second quarter, compared to 34.7 million dollars in the same period last year. On September 30, cash reserves amounted to 129.3 million dollars, compared to 180.8 million dollars in the same period in 2016.
In October, Myovant Sciences secured more than 140 million dollars from investors in a financing round.