BioDelivery Sciences International reported late last week that it swung to a net loss last year as the Raleigh company ramped up its research and development spending.
The company had a net loss of 57.1 million, or $1.51 per share, compared with net income of $1.7 million, or 5 cents per share, in 2012.
Revenue was $11.4 million, compared with $54.5 million in 2012. The decline was the result of the company receiving two one-time milestone payments and deferred revenue from the launch of one of its products in Europe.
Research and development expenses increased from $35.4 million in 2012 to $53.3 million last year. The increase was attributed to additional costs associated with the development of Bunavail, a treatment for opioid dependence, and BEMA Buprenorphine, the company’s experimental treatment for chronic pain.
In February, BioDelivery Sciences raised $60 million by selling a block of shares to a group of institutional investors. The proceeds are to pay for the commercialization of Bunavail.
The company has filed a new drug application for Bunavail and expects to hear back from the Food and Drug Administration on June 7. BioDelivery Sciences also expects to begin enrolling patients in Phase 3 trials of its Clonidine Topical Gel, a treatment for painful diabetic neuropathy, a condition that afflicts some people suffering from diabetes. The company signed a licensing deal to develop the drug last year.
As of Feb. 28, BioDelivery Sciences had $89.8 million in cash, compared with $63.2 million at the end of 2012.
The company’s shares closed Tuesday at $9.04, up 17 cents. The stock is up more than 53 percent this year.