Morrisville drug-development company Tenax Therapeutics posted a smaller quarterly loss despite higher research-and-development costs.
Tenax, which changed its name from Oxygen Biotherapeutics in September, reported a loss of $2.9 million, or 10 cents per share, in its fiscal third quarter that ended in January. A year earlier, Tenax posted a loss of $3.4 million, or 43 cents per share.
Tenax, which doesn’t yet have any products on the market, released its quarterly results Wednesday before the markets opened. Its shares were trading at $3.03, up 9 cents, late Wednesday morning. Tenax shares have fallen 21 percent this year.
The company reported $1.2 million in R&D expenses in the quarter, versus $689,666 a year ago.
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Tenax had $50.1 million in cash and securities as of Jan. 31, which the company said would be enough to see it through fiscal year 2017 and the filing of a new drug application for its leading drug candidate, levosimendan.
Levosimendan, which is in the third and final phase of clinical trials required before seeing regulatory approval, is being developed to prevent and treat cadiac surgery patients at risk of developing low cardiac output syndrome, or LCOS.