BioDelivery Sciences International’s net loss for the fourth quarter widened by 37.5 percent as the Raleigh drug maker boosted expenses to launch a new drug and submit another for regulatory approval.
The company reported a net loss of $17.6 million for the quarter ending Dec. 31 on net revenue of $2.5 million. A year earlier BioDelivery lost $12.8 million on net revenue of $4 million.
BioDelivery, which specializes in drugs for pain management and addiction, had $70.5 million in cash as of Dec. 31, up from $23.2 million a year earlier.
Last year was a busy one for the company, culminating with the launch of Bunavail, its second approved medication. Bunavail, a treatment for opioid dependence, is administered by adhering a patch on the inside of the cheek, which is easier for some patients than holding medication under the tongue.
Bunavail was launched with a 60-person contract sales force in November.
BioDelivery’s previous approval was in 2009 for Onsolis, also applied to the inside of the cheek, and designed for the management of breakthrough pain in cancer patients.
The company’s shares closed Monday at $14.60, down 17 cents. The stock is up 21 percent this year.