New Haven development-stage biotech Achillion Pharmaceuticals Inc. said it lost less money in its third quarter, which ended with a bit of bad news from federal regulators about one of its Hepatitis C drug candidates.
The company reported a loss of $13.9 million for the three months ended Sept. 30, compared to a loss of $15.3 million in the same quarter last year.
Achillion booked no revenue in either quarter.
In late September, the company disclosed that the U.S. Food and Drug Administration had elected to keep a clinical hold in place on the development of its Hep-C drug sovaprevir.
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CEO Milind Deshpande said in a statement that Achillion’s cash balance of $173 million can fund operations for at least the next two years.
