Achillion Pharmaceuticals Inc. again lost money in the first quarter but the New Haven drug developer continues to attract funding for its promising pipeline of small-molecule drug treatments for infectious blood-borne illnesses.
Achillion said in the three months ended march 31 it lost $5.6 million, or 16 cents a share, less than the $6.7 million, or 25 cents a share, lost the same period a year earlier.
Revenue in the first quarter was $74,000, compared to negative revenue of $293,000 for the same period a year earlier, stemming from excess billings by Gilead Sciences to Achillion under a collaboration agreement between the two companies.
Cash and liquid investments – available to fund ongoing clinical studies and meet payroll – climbed to $25 million at March 31, up from $15.3 million on Dec. 31, the company said.
Achillion President and CEO Michael D. Kishbauch pointed to positive feedback on clinical data on the bioscience firm’s ACH-1625 compound as a potential treatment for liver disease.
“Our data demonstrated that the compound has strong potency, good safety and a sustained viral suppression effect,” Kishbauch said. “We look forward to announcing shortly additional data from our latest dosing cohorts of ACH-1625.”
In February, Achillion grossed $24.6 million from the public offering of 11.8 million shares.
