Losses increased to $11.5 million in the first quarter for AtheroGenics as the company spent more in clinical trials.
AtheroGenics (Nasdaq: AGIX) is focused on treatments for chronic inflammatory diseases. It has one drug in Phase III trials for atherosclerosis.
The first-quarter loss of 35 cents a share was $5 million more than a year ago.
AtheroGenics reported $73 million in cash, cash equivalents and short-term investments.