Durham-based BioCryst Pharmaceuticals posted a surge in first-quarter revenue as federal research spending ramped up for the company’s experimental medications. The company also posted its revenue for a medication it has discovered and developed.
BioCryst’s quarterly earnings cycle up and down with federal research funding levels, the company’s main source of revenue. In the first quarter, BioCryst posted $6.8 million in revenue, about double the amount from a year ago. At the same time, BioCryst’s first-quarter net loss widened to $15.2 million from a loss of $10.1 million a year ago as R&D expenses increased.
The drug developer which has 53 employees received nearly $4.8 million in research funding from the National Institute of Allergy and Infectious Diseases as well as from the Biomedical Advanced Research and Development Authority. The former agency is funding research on BCX4161 for hereditary angioedema, a swelling disorder that can lead to asphyxiation. The latter is funding research on Ebola, Marburg and related viral infections.
BioCryst also posted $537,000 from the sales of peramivir, an intravenous influenza treatment approved in December under the commercial name Rapivab. It’s the first drug developed by the company that has been approved in the United States and the country’s first new flu treatment in 15 years.
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BioCryst’s stock is up 51 cents in mid-afternoon trading, at $9.67. The shares are down 21 percent this year but up 31 percent over the past 12 months.