NephroGenex reports $6.3 million net loss in 2013
03/31/2014 11:15 AM
03/31/2014 11:17 AM
NephroGenex, the Research Triangle Park drug developer that raised $37 million in an initial public offering of stock last month, reported a wider net loss last year.
The company had a net loss of $6.3 million, or $19.71 per share, compared to a net loss of $2.9 million, or $9.08 per share, in 2012. The loss included a change in value of preferred stock warrants, which totaled $3.4 million, or $10.68 per share.
NephroGenex is developing Pyridorin, an experimental treatment aimed at slowing the progression of a chronic, degenerative disease of the kidneys caused by diabetes called diabetic nephropathy. About 6 million people suffer from the disease, according to NephroGenex.
NephroGenex spent $1.5 million on research and development last year, down from $2.4 million in 2012.
The company’s shares have performed poorly since they began trading at $12. The stock closed Monday at $8.11, up 31 cents.
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