For the second quarter of 2010, the company posted a net loss of $0.8m, or $0.24 per common share, compared to $1.94m, or $0.76 per common share, for the same period in 2009. Total operating expenses were $5.16m, compared to $6.55m for the same period in 2009.

For the six months ended June 30, 2010, the company posted a net loss of $2.72m, or $0.8 per basic share, compared to $2.13m, or $0.83 per basic share. Total operating expenses were $10.62m, compared to $12.78m for the same period in 2009. Total revenue was $7.94m, compared to $10.93m for the same period in 2009.

Direct expenses for the second quarter of 2010 declined to $2.6m, or 70 percent of net revenues, compared to $3.4m, or 76 percent of net revenues, for the comparable prior year period.

According to the company, the decrease in direct expenses was primarily the result of reductions in staff and subcontractors utilized on active clinical studies being conducted. Approximately $230 thousand of the decrease was attributable to favorable foreign currency fluctuations.

Kai Lindevall, CEO of the company, said: “We are pleased to see the improved results over the first quarter as a result of recent contract awards and our continued focus on cost cutting. With the acquisition of Progenitor we have expanded our service offerings in key emerging markets, including Latin America, India and Asia Pacific.

“As the market continues to stabilize and the company continues to see increases in requests for proposal, we believe we are well positioned to continue to improve our performance.”

Will the company increase revenue in Q3?

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