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The Honolulu Advertiser
Updated at 12:32 p.m., Friday, March 13, 2009

Stronger sales help Mera Pharmaceuticals narrow loss

Advertiser Staff

Stronger sales helped Kona-based Mera Pharmaceuticals Inc. narrow its loss in the quarter ending Jan. 31 from the same period a year earlier.

The marine biotechnology company today reported revenue of $187,437 during the three-month period compared to $130,171 in the same period a year earlier.

Mera posted a net loss of $31,816 for the period, down from a loss of $127,016 in the prior year period.

Cost of goods sold was $453 for the latest quarter compared to $6,064 a year earlier. The decline was the result of efforts to bringing inventories into better alignment with sales rates, Mera said.

There also was a shifting of costs from production of existing products to research and development programs. R&D costs rose to $96,670 in the latest quarter from $51,066 a year earlier.

Sales and administrative expenses fell to $101,023 from $127,000 as the company has continued to contain expenses though the use of part time workers who are available on a call basis when needed.