Shares of BioDelivery Sciences International fell 4 percent Monday after the Raleigh company reported a larger third-quarter loss than Wall Street analysts forecast.
BioDelivery Sciences had a net loss of $20.4 million, or 39 cents per share, compared with a loss of $25.3 million, or 51 cents, during the same period a year ago.
The consensus among analysts who cover the Raleigh company was a loss of 33 cents.
Revenue for the quarter was $1.2 million, nearly all of which came from sales of Bunavail, BioDelivery Science’s treatment for opioid dependence. Revenue also came in below the $1.6 million forecast by analysts.
Never miss a local story.
BioDelivery Sciences shares closed Monday at $5.79, down 25 cents. The stock has declined 52 percent this year.
Prescriptions for Bunavail totaled nearly 18,000 in the quarter, up 26 percent from the previous quarter.
Late last month, BioDelivery Sciences announced that it will receive a $50 million milestone payment after its application for a new drug to treat chronic pain was approved by the Food and Drug Administration.
The treatment, which is being marketed under the name Belbuca, is expected to become available in the first quarter of next year.
BioDelivery says that the $50 million payment – from its partner Endo Pharmaceuticals – will provide the company with enough capital to fund its operations through the middle of 2017.