New Haven drug developer Achillion Pharmaceuticals Inc. said Wednesday its first-quarter loss widened on higher costs as it continues development of a potential hepatitis C treatment, The Associated Press reports.
The biopscience company reported a net loss of $10.1 million, or 17 cents per share, for the three months ended March 31 compared with a net loss of $5.6 million, or 16 cents per share, a year ago.
Revenue fell to $65,000 from $74,000.
Analysts polled by FactSet expected a loss of 15 cents per share.
Achillion does not have any products on the market, as its most advanced product is in mid-stage clinical testing. Most of its revenue comes from grants or collaborations.
Research and development costs doubled to $8 million as the company continued a midstage study on its potential hepatitis C drug ACH-1625. It hopes to move two other potential hepatitis C drugs into clinical development in the first half the year.
General and administrative costs rose 33 percent to $2.2 million.
The company had $46.4 million in cash, cash equivalents and marketable securities as of March 31.
