BioDelivery Sciences International reported Monday that revenue from its recently approved treatment Bunavail increased 23 percent from the first quarter to the second quarter.
The Raleigh company’s net revenue for the quarter fell sharply, from $13.9 million in the second quarter of 2014 to $1.7 million. The decline was the result of BioDelivery receiving a $20 million milestone payment for its drug Belbuca during the second quarter of last year.
For the quarter, BioDelivery had a net loss of $19.2 million, or 37 cents per share, compared with a loss of $6.7 million, or 14 cents per share, during the same period last year.
BioDelivery added $20 million in debt financing during the quarter and had $67.7 million in cash on hand as of the end of June. The cash is enough to fund BioDelivery’s operations into mid-2016, the company said in a statement.
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BioDelivery is seeking regulatory approval for BEMA Buprenorphine, the company's treatment for chronic pain. The Food and Drug Administration is expected to rule on the company's new drug application on October 23. The treatment is being marketed under the name Belbuca.
BioDelivery is eligible to receive a milestone payment of up to $50 million from its partner Endo Pharmaceuticals if Belbuca is approved.
Bunavail, which is a treatment for opioid dependence, launched in November. BioDelivery said there were nearly 24,000 prescriptions written for the treatment during the second quarter, a 27 percent increase over the first quarter.
BioDelivery shares were up about 4 percent in early trading Monday. The stock is down 40 percent this year.