Triangle pharma companies Heat Biologics and Fennec Pharmaceuticals report losses in their latest earnings reports.
The details from Chris Roush at North Carolina Business News Wire:
- Heat Biologics reports better-than-expected earnings
DURHAM — Drug development company Heat Biologics Inc. reported a second-quarter loss that was less than expected as the company continues to develop its cancer drugs.
The Durham-based company reported a net loss of $3.2 million, or 9 cents per share, compared to a net loss of $2.9 million, of 17 cents per share, in the same quarter a year ago. The one analyst covering the company was expecting a loss of 10 cents per share.
Heat Biologics reported revenue of $411,000 for the quarter compared to no revenue in the second quarter of 2016.
“We remain at the forefront in developing allogeneic, ready-to-use immunotherapies designed to activate ‘killer’ T cells as part of a broad-based combination approach against cancer,” said CEO Jeff Wolf in a statement.
Heat Biologics’ shares were trading at 50 cents, unchanged, in Monday morning trading.
Research and development costs increased to $2.15 million in the second quarter from $1.78 million in the same quarter of 2016.
Heat Biologics, which was founded in 2008, is focused on the field of cancer immunotherapy. The company’s cancer vaccine is called ImPACT, short for Immune Pan-Antigen Cytotoxic Therapy. ImPACT is in Phase 2 in the most common type of lung cancer and bladder cancer.
The vaccine works by injecting genetically modified cells into a patient to elicit an immune response against the disease target.
During the second quarter, the company acquired another cancer immunotherapy company, Pelican Therapeutics, based in Austin, Texas.
- Fennec Pharmaceuticals reports larger loss on higher expenses
DURHAM — Drug development company Fennec Pharmaceuticals Inc. reported a larger loss in its second quarter due to higher operating expenses and higher research and development expenses.
The Durham-based company reported a net loss of $1.6 million, or 11 cents per share, up from a net loss of $724,000, or 6 cents per share, in the second quarter a year ago.
The one analyst who covers the company was expecting a loss of 5 cents per share.
“As we look forward to the second half of 2017, the pending SIOPEL 6 results have the potential to mark a significant milestone for the Company as we continue our commitment towards serving an unmet medical need for pediatric patients with cisplatin chemotherapy,” stated CEO Rosty Raykov in a statement.
Fennec’s shares rose 20 cents to $6.75 on Friday.
Research and development expenses rose to $333,000 in the second quarter from $139,000 in the second quarter of 2016.
Operating expenses, which include salaries, rose to $1.1 million in the second quarter from $568,000 in the second quarter of 2016.
Fennec Pharmaceuticals is focused on the development of sodium thiosulfate for the prevention of loss of hearing in pediatric cancer patients.
Children undergoing chemotherapy face the loss of hearing. Fennec Pharma hopes that sodium thiosulfate will allow these children to keep their hearing and prevent permanent disability.
The drug has received orphan drug designation, which means it is intended for the safe and effective treatment, diagnosis or prevention of rare diseases and disorders that affect fewer than 200,000 people in the U.S.
This report is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
