Durham-based biotech company Chimerix saw its stock price rise by 4 percent on Monday after its second quarter loss beat analyst estimates.
The company, which is developing a drug to treat smallpox infections, reported a net loss of $16.7 million, or 36 cents per share, compared to a net loss of $18.1 million, or 39 cents per share, in the same quarter of 2016. Wall Street analysts were expecting a net loss of 41 cents per share.
Revenue was $675,000 for the quarter, down from revenue of $1.8 million in the second quarter of last year. Analysts were expecting revenue of $1.19 million.
“Throughout the second quarter, we continued to make steady progress as we advance brincidofovir for the benefit of immunocompromised patients,” said Chief Executive Officer M. Michelle Berrey in a statement.
Chimerix shares rose 19 cents, or 4 percent, to $4.89 in Monday morning trading.
Research and development expenses decreased to $11.6 million for the second quarter of 2017, compared to $13.8 million for the same period in 2016.
General and administrative expenses decreased to $6.3 million for the second quarter of 2017, compared to $6.6 million for the same period in 2016.
Note: This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism