Achillion Pharmaceuticals Inc. bled more cash in the second quarter but the New Haven drug developer’s investment in testing potions to treat blood-borne viruses continued to yield promising results.
For three months ended June 30, Achillion had a net loss of $11.5 million or 16 cents a share, about even with its net loss of $11.3 million or 19 cents a share, the same period last year.
The biopharma had no revenues in the quarter vs. $56,000 in the same quarter a year ago.
Achillion ended the quarter with cash and marketable securities totaling $60 million vs. $80 million on June 30, 2011.
Chief Scientific Officer Milinde S. Deshpande announced its ongoing Phase 2 trial of its antiviral drug sovaprevir (formerly ACH-1625) continues to show promising results in test patients with hepatitis C.
Achillion also reported that early results show promise in its Phase 1 proof-of-concept clinical trial for its ACH-3102 treatment against the hepatitis C virus. Initial data from that study is due in the first quarter of 2013.
