BioDelivery Sciences International reported a narrower loss in the second quarter as the Raleigh company’s revenue surged 400 percent.
The company had revenue of $13.8 million, up from $2.76 million during the same period last year. BioDelivery had a net loss of $6.67 million, compared with a loss of $13.4 million during the second quarter of 2013.
BioDelivery is developing experimental treatment for chronic pain, BEMA Buprenorphine, with Endo Pharmaceuticals. The two announced last month that BEMA Buprenorphine improved chronic pain relief when compared with a placebo.
The positive test results triggered a $10 million milestone payment from Endo to BioDelivery.
In June, the U.S. Food and Drug Administration approved BioDelivery's treatment for addiction to opioids such as OxyContin, morphine and heroin. The drug, Bunavail, is administered inside the cheek instead of being held under the tongue like the current leading treatment.
“It has been 10 years in the making, but the recent FDA approval of Bunavail for opiod dependence has completed BDSI’s evolution into a fully integrated specialty pharmaceutical company with a dedicated U.S. commercial sales-force and, as a result, allows the company to take more control over its destiny,” Mark Sirgo, BioDelivery’s CEO and president, said in a statement.
At the end of the second quarter, BioDeliver had $88.4 million in cash on hand. That included the recent $10 million payment from Endo. BioDelivery raised $60 million in February by selling a block of shares to a group of institutional investors. The proceeds are to pay for the commercialization of Bunavail.
BioDelivery shares were up about 7 percent in trading Friday morning. The stock, which opened at $12.53, has risen 128 percent this year.