Durham’s Chimerix reports third-quarter earnings that beat Wall Street estimates
11/14/2013 9:33 AM
11/14/2013 9:34 AM
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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