Durham drug developer Chimerix reported a drop in third-quarter revenue and a smaller net loss as the company emerges from a lull in research activity and awaits a major federal decision on whether Chimerix will be selected to supply the U.S. national stockpile for antiterror medications.
The 87-employee company reported third-quarter revenue of $653,000, down from nearly $2.3 million in the same three-month period a year ago. Net loss was $17 million for the quarter, just over half the $32.4 million net loss in the third quarter of 2015.
Chimerix’s source of revenue is a federal contract with BARDA, or the Biomedical Advanced Research and Development Authority, which has been funding Chimerix research on a potential antiterror agent. Chimerix is now awaiting a BARDA decision on whether to include the drug, brincidofovir, in the U.S. stockpile to protect Americans against a smallpox outbreak caused by a bioterror attack or by accidental release.
The company had suspended research on brincidofovir after the drug failed to perform in a clinical trial, but plans to resume testing intravenous applications next year.
Additionally, Chimerix said it is announcing CMX521 from its chemical library as a lead clinical candidate for the treatment of norovirus, a highly contagious virus that causes diarrhea and vomiting.
Chimerix announced third-quarter earnings before the start of market trading. The company’s shares are down 58 percent on the year, and closed at $3.75 Friday.