Business

November 13, 2013

BioDelivery Sciences loss widens in third quarter as drug research costs rise

BioDelivery Sciences International reported Tuesday that it had a net loss of $18.4 million in the third quarter, up from $17.4 million during the same period a year ago.

BioDelivery Sciences International reported Tuesday that it had a net loss of $18.4 million in the third quarter, up from $17.4 million during the same period a year ago.

Revenues were nearly $3 million, up from $1.87 million during the same period in 2012. The company’s research and development costs in the quarter were $16.4 million, up from $12.5 million.

The increase was attributed to additional research and development costs associated with Bunavail, a treatment for opioid dependence, and BEMA Buprenorphine, the company’s experimental treatment for chronic pain.

The Raleigh company also said Tuesday that it expects to hear back from Food and Drug Administration on its drug application for Bunavail on June 7. The company also expects to have results from its initial Phase 3 clinical trial of BEMA Buprenorphine by early next year.

“We are pleased with all of our third quarter accomplishments and particularly excited that the [new drug application] for Bunavail has been accepted for review, and we look forwarded to working with the FDA toward approval next year,” said Mark Sirgo, BioDelivery Sciences CEO, in a statement.

The company had $38.3 million in cash as of Sept. 30, compared to $31.3 million a year ago.

BioDelivery Sciences shares closed Wednesday at $4.40, down 24 cents. The stock is up 2 percent this year.

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