New Haven-based Achillion Pharmaceuticals Inc., a biotech producer of drugs to combat infectious diseases, said its losses widened in the fourth quarter of 2008.
Achillion lost $8.7 million, or 33 cents a share, in the three months end Dec. 31, up from a loss of $6.9 million, or 44 cents a share, in the fourth quarter of 2007. Fourth-quarter revenue was a negative $1.3 million compared with positive revenue of $393,000 for the 2007 fourth quarter.
For 2008, the biotech firm lost $28.2 million, up from a loss of $28.1 million in 2007. Full year revenues were a negative $234,000 in 2008 vs. a positive $4 million in 2007.
Achillion is developing drugs that aid in the treatment of hepatitis C.
“The coming year is a potential break-out period for Achillion, as we expect to advance both of our lead programs for treating hepatitis C into the clinic,” said Michael Kishbauch, president and CEO.
Achillion said it projects a 2009 loss in the range of 95 cents to 98 cents per share.
The company will elaborate on its financial outlook Wednesday in a conference call with analysts.
