Durham drug developer BioCryst Pharmaceuticals reported lower revenue and a smaller net loss in the third quarter partially due to a slowdown of drug development activity this year.
The 69-employee company said revenue fell 29 percent to $7.8 million in the third quarter, while the net loss decreased correspondingly to $11.5 million from a net loss of $14.6 million in the third quarter a year ago.
The revenue reduction resulted from a decrease in funding from U.S. government research contracts, as well as from a decrease in sales of Rapivab associated with the transition of the influenza drug’s commercialization to a corporate partner, Seqirus UK Limited.
BioCryst employs 40 in Durham, 28 in Alabama and one in the United Kingdom. The company develops drugs for rare diseases, such as hereditary angioedema and infection by filoviruses. BioCryst’s only commercial product, Rapivab, is marketed in the United States, Japan, Taiwan and South Korea.
Company officials expect clinical trial results for BCX7353 in the first quarter of 2017; the drug is being tested to see if it effectively and safely reduces swelling in patients with hereditary angioedema.
BioCryst reported earnings before the market opened Monday morning. Its shares are down 56.5 percent this year and closed at $4.49 Monday, up 58 cents.