Chimerix reports $11.7M loss in second quarter
08/07/2014 2:16 PM
08/07/2014 2:17 PM
Chimerix posted a $11.7 million loss in the second quarter but also raised significant funds to finance the development of its lead drug candidate, brincidofovir.
The Durham company’s loss was slightly smaller than the $12.5 million loss Chimerix posted in the second quarter of last year. Revenue for the most recent quarter were $900,000, compared to $800,000 during the same period in 2013.
The increase was caused by a rise in reimbursable expenses from Chimerix's ongoing contract with the federal government's Biomedical Advanced Research and Development Authority. The federal authority is Chimerix's sole source of funding and is supporting development of brincidofovir as a weapon against bioterrorism.
In May, Chimerix raised $119.4 million in a stock offering, money that it plans to use to finance research and development efforts and general corporate purposes.
Brincidofovir is also being developed to prevent fatal virus infections in certain cell transplant patients. The company is now enrolling patients in a pilot study for the drug. It is not expected to win regulatory approval for public use until late 2016 at the earliest.
Chimerix shares, which opened Thursday at $22.89, were flat in afternoon trading.
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