BioCryst takes bigger 3Q loss after starting late-stage tests of IV flu treatment peramivir

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BioCryst 3Q loss grows as peramivir tests continue

BIRMINGHAM, Ala. — BioCryst Pharmaceuticals Inc. on Thursday reported a larger third-quarter loss as it stepped up testing of its experimental IV flu treatment peramivir.

In the third quarter, BioCryst said it took a loss of $10.6 million, or 28 cents per share, compared with $9 million, or 24 cents per share a year ago. Revenue increased 19 percent, to $10.5 million from $8.9 million. Thomson Reuters says analysts expected a loss of 22 cents per share and $4.6 million in revenue.

BioCryst is developing peramivir with funding from the Department of Health and Human Services. Peramivir is given intravenously to treat the flu in patients who are too sick to take an oral drug. On Friday, the department authorized emergency use of peramivir as a swine flu treatment. It can be given to hospitalized patients who are not responding to other treatments.

Late-stage U.S. trials started in the third quarter and are expected to last until 2011.

BioCryst’s research and development costs grew to $18.2 million from $16 million during the quarter as trials of peramivir continued. In September the company got a $77.2 million contract from health and human services to finish testing the drug.

The company entered marketing partnerships for peramivir in Mexico, Brazil, China, and Israel during the quarter, and its Japanese partner Shionogi & Co. said it plans to file for marketing approval soon.

In afternoon trading, BioCryst shares 54 cents, or 5.9 percent, to $9.72.

(This version CORRECTS that peramivir is authorized as an emergency treatment for swine flu.)