Chapel Hill drug developer Cempra reported a loss of $11.4 million in the third quarter, an improvement over the same time last year thanks to a $10 million milestone payment from a Japanese partner that’s developing Cempra’s antibiotic solithromycin.
Third quarter revenue was up by $6.6 million to $7.8 million, largely from the recognition of $4.3 million of milestone payment from Toyama Chemical. Toyama owns the exclusive rights to develop and commercialize solithromycin, the experimental antibiotic treatment.
In the same quarter a year ago, Cempra posted a loss of $13.6 million.
The 54-employee company was founded in 2006 and has no products on the market. It is developing antibiotics to treat drug-resistant bacterial infectious diseases, including pneumonia and prosthetic joint infections.
Cempra said it involved in three solithromycin clinical trials and has enrolled 860 patients in a Phase 3 trial for an for an oral form of the drug for patients with a severe form of pneumonia. The company has started another Phase 3 trial for patients with gonorrhea and chlamydia. And it completed a solithromycin trial for adolescents with bacterial infections.
The company’s primary source of revenue is a federal contract with the Biomedical Advanced Research and Development Authority to develop a treatment for infections in children and for infections caused by bioterror pathogens.
Cempra shares closed Wednesday at $12.93, down 12 cents. The stock is flat this year.