Apr 19, 2010
By The Canadian Press
HALIFAX, N.S. - Immunovaccine Inc. said Monday it cut its loss for the full year after booking its first significant revenue totalling $1.4 million in the nine months ended Dec. 31.
The loss totalled $1.7 million compared with a loss of $3.7 million in the 12-month period ended March 31. The clinical-stage vaccine development company has changed its fiscal year end to Dec. 31 from March 31.
Immunovaccine (TSXV:IMV) said the decreased loss was helped by revenues from the company's animal healthcare activities and changes in operating expenses.
Research and development expenses fell to $1.8 million from $2.4 million while corporate expenses slipped to $992,000 from $1.1 million. At the end of 2009, the company had cash and equivalents of $7.8 million.
Shares of the company were unchanged at $1.25 on the TSX Venture market.
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