North Carolina-based Chimerix Inc. announced a third-quarter loss on Monday that was less than analysts anticipated, but the company saw a big drop in revenues compared to the same period last year, according to a filing with the Securities and Exchange Commission.
Chimerix reported a third-quarter loss of 37 cents per share, 2 cents better than analysts’ estimate of a loss of 39 cents, according to Thomson Reuters. Revenue for the quarter came in at $700,000, missing analysts’ estimate of $1.7 million. The same period last year Chimerix saw revenue of $2.3 million.
Research and development expenses decreased to $12.2 million for the third quarter, compared to $26.5 million one year ago. This decrease was primarily due to a decrease in the company’s clinical trial expenses, Chimerix said.
Chimerix stock rose 5.6 percent, up 21 cents, to $3.96 on Monday. The stock closed at $3.75 on Friday, down 36 percent from a three-month high of $5.89 on Sept. 28.
In October, Chimerix announced the results from its AdVise trial of brincidofovir, which is used for the treatment of AdV infection in allogeneic hematopoietic cell transplant patients. Chimerix said Monday that it expects to present final data from the AdVise trial at a medical meeting during the first quarter of 2017.
“We are optimistic about 2017 and believe our novel intravenous formulation of brincidofovir may prove to be the optimal way to prevent or treat DNA viral infections, by achieving effective drug levels in the plasma and infected organs while avoiding gastrointestinal side-effects,” said M. Michelle Berrey, president and CEO, in a statement.
Durham-based Chimerix is a biopharmaceutical company dedicated to discovering, developing and commercializing novel antivirals in areas of medical need. Chimerix is also advancing a clinical candidate for norovirus infection, according to its website.
Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
