Medgenics Loss Widens

(RTTNews) - Medgenics Inc (MDGN), a clinical stage medical technology company, on Friday reported first-quarter net loss of $8.9 million or $0.36 per share compared with a loss of $5.4 million or $0.28 per share last year.

On average, two analysts polled by Thomson Reuters estimated earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.

The loss mainly reflects an increase in research expenses to $3.9 million from $2.1 million last year. General expenses climbed to $3.9 million from $3 million a year ago.

The company said it has made considerable progress with its development pipeline for the TARGT (Transduced Autologous Restorative Gene Therapy) platform.

Furthermore, the company is actively advancing its collaboration efforts. It said it has hired Robert Zivin to head its translational research activities in connection with its collaboration with Children's Hospital of Philadelphia ("CHOP").

The company said it is working with CHOP to assess and prioritize programs in the collaboration, from which we anticipate announcing a lead program later this year.