Chapel Hill drug developer Cempra reported a loss of $16.9 million, or 46 cents per share, in the fourth quarter, nearly equal to its $16.8 million, or 51 cents per share, loss it reported during the same period in 2013.
For the year, Cempra had a loss of $61.6 million, compared to a loss of 45 million in 2013. The wider loss was largely the result of increased research and development costs related to the company’s clinical trial for its antibiotic solithromycin.
Cempra doesn't have any drugs on the market. Its one source of revenue is a contract from a federal agency, the Biomedical Advanced Research and Development Authority. To date Cempra has received more than $30 million from the five-year contract.
In January, Cempra raised $128.6 million from a secondary stock offering. The company plans to use the money for R&D, including work on solithromycin.
Cempra shares closed Wednesday at $30.41, down 42 cents.