Furiex Pharmaceuticals (NASDAQ:FURX) recorded $3.0 million in second quarter revenue, a decrease of more than $10 million compared to a year ago when the company recorded a milestone payment from drug partner Takeda for diabetes drug alogliptin.
Not including that one-time milestone payment, the company’s $3.0 million in royalty revenue in the second quarter is virtually the same as the $3.1 million in royalty revenue for the same period a year ago. Morrisville-based Furiex draws royalty revenue from diabetes drugs Nesina and Liovel, which are sold in Japan, and for premature ejaculation drug Priligy, which is now marketed in 15 countries. Priligy does not yet have Food and Drug Administration approval for the U.S. market.
Furiex reported a $23.5 million net loss in the quarter compared to a $30.8 million loss in the year ago period. The company attributed the financial result to the changes in R&D expenses and the revenue changes discussed earlier. R&D expenses in the quarter totaled $22.1 million compared to $30.8 million in the second quarter of 2012. The company said that R&D expenses fluctuate from quarter to quarter.
The R&D money was spent on eluxadoline, an experimental treatment for diarrhea-predominant irritable bowel syndrome. Eluxadoline, Furiex’s lead drug program, has completed enrollment in phase III clinical trials and the company expects to have top line results for the studies in the first quarter of 2014.