Lower research and development expenses helped Chemokine Therapeutics Corp. (TSX:CTI) cut company losses to $6.2 million in 2007 compared with losses of $7.5 million in 2006.
The Vancouver company had no revenue in either year.
R&D expenses were $1.9 million in 2007 compared with $4.6 million in 2006. Chemokine attributed the decrease primarily to lower spending on its CTCE-0214 and CTCE-9908 anti-cancer drug candidate. The company also recovered costs of $969,190 as part of a settlement agreement with Globe Laboratories.
Chemokine's R&D costs are expected to rise as further clinical trials are conducted. But the company expects to partner with larger pharmaceutical companies to conduct and finance later stage clinical trials.
The company's share price this week was hovering around $0.17; 52-week high: $0.88; 52-week low: $0.12.