Mera Pharmaceuticals Inc., which emerged from Chapter 11 reorganization bankruptcy two months ago, cut its loss nearly in half in its fiscal third quarter as it took steps to refocus its operations. Mera Pharmaceuticals
reduced third-quarter losses
Star-Bulletin staff
The company, formerly known as Aquasearch Inc., lost $423,108 in the period ended July 31 compared with a loss of $833,234 a year ago. Aquasearch merged into Mera on July 25 and changed its incorporation to Delaware from Colorado. Mera's first full quarter of operations under its present structure will end Oct. 31.
Mera, which has lost approximately $21.8 million since inception in 1988, said in its filing with the Securities and Exchange Commission that it expects to incur operating losses for at least the next year.
The company, which produces the nutritional supplement AstaFactor from microalgae, said the product generated $162,093 in revenues in the quarter compared with $158,349 a year ago.
Total revenues were lower, however, when contract services and royalties are included. Mera had $219,775 in total sales vs. $268,710 a year ago.
In the third quarter, Mera had $41,577 in revenue from its subcontract with Physical Sciences Inc. for its work on a U.S. Department of Energy product and royalty revenues of $16,105 that included amounts received from a litigation settlement.
As required by the Sarbanes-Oxley Act of 2002, Chairman and Chief Executive Officer Richard Propper and interim controller Anthony Applebaum confirmed the financial report.
