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Mera's revenue jumps 44.4%


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POSTED: Tuesday, March 24, 2009

Mera Pharmaceuticals Inc.'s revenue jumped 44.4 percent in its fiscal first quarter as the producer of human nutritional products from microalgae narrowed its fiscal 2009 first-quarter loss to $24,146.

The Kona-based company, which had a net loss of $115,432 in the year-earlier quarter ended Jan. 31, had revenue of $187,937 versus $130,171 a year ago, according to a recent filing with the Securites and Exchange Commission.

Mera's research and development costs soared 89.3 percent, however, to $96,670 from $51,066 due to the costs associated with the company's technical services agreement and shift of personnel to work on a service agreement project with HR BioPetroleum.

The agreement with Honolulu-based HRBP offers the use of Mera's facilities for a research project relating to the large-scale cultivation and production of certain microalgae species, as well as intellectual property, in exchange for technical-service fees.

Mera's selling, general and administrative expenses decreased 21 percent in the quarter to $101,023 from $127,900 a year ago as the company continued to contain expenses through the use of part-time workers who are available on an on-call basis.