Local Tech Wire

MORRISVILLE, N.C. – Furiex Pharmaceuticals (Nasdaq: FURX), which completed its spin-off from Pharmaceutical Product Development (Nasdaq: PPDI) in June, lost $8.1 million in its first earnings report.

The company announced its financials Wednesday after the markets closed.

Furiex did record a $7.5 million milestone payment after the launch of a new drug in Japan and reported $8.1 million in revenues.

The firm also received a patent for a premature ejaculation drug and moved to Phase II of clinical trials for Johnson & Johnson’s proposed treatment of diarrhea related to irritable bowel syndrome as well as a treatment for bacterial infections of the skin.

The financials include data from PPD’s discovery sciences group and don’t represent “results of operations or cash flows of the company” had it been separate from PPD, Furiex said in a statement.

Losses were driven by research and development expenses of $13.4 million and $2.8 million for sales and administration.

“We are pleased with the successful spin-off of Furiex as an independent company, bolstered by the favorable news that one of our partnered products, Nesina, launched in Japan,” said June Almenoff, president and chief medical officer of Furiex, in a statement.

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