New Haven drug developer Achillion Pharmaceuticals Inc. widened its second-quarter loss as it continues to burn through its cash to commercialize its pipeline of three treatments for blood-borne ailments such as hepatitis C and HIV.
Achillion lost $11.3 million, or 19 cents a share, in three months ended June 30, greater than the $6.4 million, or 17 cents a share, lost in the same period a year earlier.
Second-quarter revenue skidded to $56,000 vs. $187,000 a year earlier.
The bioscience firm ended the latest period with cash, cash equivalents and marketable securities as totaling $99.6 million.
“Achillion has matured immensely during the first half of 2011 …,” CEO Michael D. Kishbauch said in a statement issued with Monday’s earnings report after the close of the stock market.
Caught up in the broad stock market selloff, Achillion closed Monday down 90 cents, or 13.5 percent, at $5.78.
In mid-July, Achillion began trial dosing of ACH-2928, a small-molecule drug for treating the hepatitis C virus. The U.S. trial involves 48 healthy volunteers 20 patients infected with hepatitis C.
In late June, Achillion opened Phase 2 of its clinical trial in the U.S. and Europe on 60 patients to test the efficacy and tolerability of its other drug compound, ACH-1625, as an effective treatment for chronic hepatitis.
In addition, the bioscience firm has begun dosing 60 patients in the U.S. and Europe for 12 weeks in the second segment of its trial of ACH-1625 for the treatment of hepatitis C virus. Results will be announced in the fourth quarter.
