BioDelivery Sciences International reported late late Thursday a narrower net loss in the first quarter.
The company had a net loss of $4.6 million, or 11 cents per share, compared with a net loss of $12.7 million, or 34 cents per share, in the first quarter of 2013.
Revenue was $20.7 million, compared with $1.6 million in the first quarter last year.
Research and development expenses increased from $12 million to $14.6 million last year. The increase was attributed to additional costs associated with the development of BEMA Buprenorphine, the company's experimental treatment for chronic pain, and Clonidine Topical Gel, a treatment for painful diabetic neuropathy, a condition that afflicts some people suffering from diabetes.
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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, a treatment for opioid dependence,.
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 has also begun enrolling patients in Phase 3 trials of Clonidine. The company signed a licensing deal to develop the drug last year, which it forecasts could have annual peak sales of more than $300 million.
As of March 1, BioDelivery Sciences had $88.2 million in cash, compared with $23.2 million during the same period last year.
“There has never been a more exciting time at BDSI as we move closer to ... June 7th and the potential launch of Bunavail this year, as well as the data read out of our second pivotal trial for BEMA Buprenorphine for chronic pain in early July,” CEO Mark Sirgo said in a statement.
The company's shares, which opened at $8.40 Friday, were down about 2 percent in afternoon trading.