Hepatitis C drug developer Achillion Pharmaceuticals cut its second quarter loss, thanks mainly to reduced research and development expenses.
The New Haven company, which has not yet earned revenue, said it booked a net loss of $15.7 million, or 16 cents per diluted share, up from a loss of $19.9 million, or 21 cents, in the second quarter last year.
R&D spending fell by more than $4 million, thanks to decreased clinical trial and manufacturing costs.
In June, the U.S. Food and Drug Administration lifted an 11-month clinical hold on trials of Achillion’s sovaprevir drug. The announcement caused Achillion’s share price to shoot up. Shares were trading up nearly 3 percent, at $7.20, Friday at 10:45
