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Genaera improves performance in third quarter

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PLYMOUTH MEETING, Pa. — Genaera Corp. reported a net loss of $4.5 million for the third quarter of 2006, down from a net loss of $7.5 million during the third quarter of 2005, according to a press release from the company.

Genaera's research and development expenses totaled $3.9 million for the quarter, down from $6.5 million for the third quarter 2005. Company officials attributed the savings primarily to the completion of two phase 2 trials of Evizon (squalamine lactate) for wet age-related macular degeneration as well as reduced activity in a phase 3 program, according to the release.