BioCryst Q4 earnings rise on federal funding boost for Peramivir

Drug developer BioCryst Pharmaceuticals reported Wednesday that fourth-quarter revenue more than doubled with a boost of federal funding for the company’s intravenous flu treatment, Peramivir.

The Durham company’s fourth-quarter revenue increased to $10.6 million, up from $4.1 million in the same three-month period in 2012, largely because of “an increase in collaborative revenue” in BioCryst’s contract with the Biomedical Advanced Research and Development Authority, a program of the U.S. Department of Health and Human Services.

BioCryst reported Tuesday that another federal agency, the U.S. Food and Drug Administration, has accepted Peramivir for a regulatory safety review, keeping the medication on track to be introduced to the U.S. market for the 2014-15 flu season.

The company’s stock closed Wednesday at $11.86, down 97 cents. The 38-employee company has no products on the U.S. market.

BioCryst said Wednesday that its fourth-quarter net loss shrunk by half, to $5.4 million, or 9 cents a share, from a loss $11.1 million, or 22 cents a share in the fourth quarter of 2012.

BioCryst also said it has begun a proof-of-concept clinical trial to test an orally administered treatment for hereditary angioedema, a rare blood disorder that causes painful and dangerous swelling. The company has also moved a pair of oral treatments for hereditary angioedema attacks into pre-clinical development.

For the full year ended Dec. 31, BioCryst reported revenue of $17.3 million, down from $26.3 million in 2012. Net loss in 2013 fell to $30.1 million, or 55 cents a share, from a loss of $39.1 million, or 79 cents a share, in 2012.

Staff writer John Murawski