Durham’s Chimerix reports third-quarter earnings that beat Wall Street estimates

Posted by David Bracken on November 14, 2013 

Antiviral drug developer Chimerix’s stock rose nearly 12 percent Thursday after the Durham company reported third-quarter earnings that beat Wall Street estimates.

The company had a net loss of $6.7 million, or 26 cents per share, in the quarter. The consensus among Wall Street analysts who cover the company was a loss of $9.8 million and 38 cents per share.

The company’s revenues totaled $912,000, compared with $20.9 million during the third quarter of last year. The discrepancy was largely the result of a one-time upfront payment of $17.5 million that Chimerix received from Merck last year after signing a licensing deal for experimental HIV treatment CMX157.

Chimerix also had a decrease in reimbursable expenses related to its contract with the Biomedical Advanced Research and Development Authority, a division of the U.S. Department of Health and Human Services, during its most recent quarter.

Chimerix is developing a treatment for life-threatening viral infections in patients whose immune systems have been compromised by cancer or by drugs. Its most advanced experimental drug, CMX001, is now in its third patient trial.

Chimerix, a 13-year-old company that has no products on the market, raised $117.9 million in April in an initial public offering of stock. An additional 2.48 million shares were sold last month in a secondary offering.

After being offered at $14 in April, shares closed Thursday at $16.40, up $1.71.

Staff writer David Bracken

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