Durham drug developer Chimerix said Friday its financial loss more than doubled in the third quarter as the company boosted spending on research and development of its experimental antiviral, brincidofovir.
The company’s net loss was $17 million, or minus 47 cents a share, in the third quarter compared to a loss of $6.7 million, or minus 26 cents a share, in the same period a year earlier. The loss was driven by an increase in quarterly spending on R&D to $13.3 million from $5.3 million a year earlier.
Revenue for the quarter rose to $1.2 million compared to $900,000, due to an increase in reimbursable expenses with Chimerix’s federal research contract with the Biomedical Advanced Research and Development Authority, or BARDA, to develop brincidofovir.
Founded in 2000, Chimerix has 54 employees and no products on the market.
The company is in various stages of developing brincidofovir against Ebola, adenovirus, cytomegalovirus and small pox. Chimerix was recently approved by the U.S. Food and Drug Administration to test brincidofovir against Ebola on human volunteers infected with the deadly African virus.
Several people infected with Ebola have taken the antiviral as part of an experimental treatment regimen in the United States.
Brincidofovir works by inhibiting certain DNA viruses from replicating in their human hosts. It is administered in a pill that can be stored at room temperature and does not require refrigeration.
Chimerix stock was trading at $30.25 Friday afternoon, up 49 cents a share. The stock is up 100 percent from a low of $12.96 a share in November one year ago.