Raleigh-based BioDelivery Sciences International Inc. reported a third-quarter loss that was larger than Wall Street expectations..
BioDelivery Sciences, a specialty pharmaceutical company, develops and commercializes applications of approved therapeutics to address unmet medical needs using drug delivery technologies. The company develops pharmaceutical products aimed principally in the areas of pain management and addiction.
The biotech company reported a loss of $16.5 million, or 30 cents per share, for the quarter. Analysts had predicted a loss of 26 cents per share.
The company’s revenue was $3.6 million — or 200 percent higher than in the same period last year, which totaled $1.2 million. Analysts projected revenue of $3.58 million.
“We continue to achieve meaningful progress throughout our business, most importantly with managed care contracting for Bunavail,” Mark A. Sirgo, president and CEO, said in a release. “During the third quarter, we achieved our goal of stabilizing the Bunavail business behind the lowered cost structure that we implemented in the second quarter.”
Sirgo said in the release that prescription sales of Bunavail, the company’s key product, were up 68 percent year over year.
BioDelivery Sciences closed at $1.90 per share on Wednesday following the release, with no change on the day.
The company has a 12-month low of $1.75 and a 12-month high of $6.40. The firm’s 50-day moving average is $2.40 and its 200-day moving average is $2.47, with a market capitalization is $101.91 million.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
