Achillion Pharmaceuticals Inc. on Friday posted a second-quarter net loss but still has sufficient cash reserves to continue development of its small-molecule drug treatments for infectious blood-borne diseases.
Achillion lost $6.4 million, or 17 cents a share, in the three months ended June 30, wider than the $6.1 million, or 23 cents a share, lost the same period last year.
The smaller per-share loss reflects an increase in the number of Achillion’s outstanding common that was the result of its February sale of 11.8 million shares of common stock that grossed $24.6 million.
Revenue was $187,000 in the quarter vs. negative revenue of $7,000 a year ago.
CEO Michael Kishbauch said the last six months “have seen the most robust research and development activity in Achillion’s history,” a pace he says will carry the company into 2011.
In July, Achillion announced preparations to start clinical testing of a compound that it says could be a promising treatment with other drugs in its portfolio against the hepatitis C virus (HCV).
The company also is working on a treatment against the human immunodeficiency virus (HIV).
Achillion’s cash, cash equivalents and marketable securities as of June 30 were $19.5 million, up from $9.7 million the same date last year.
At 11:30 a.m., Achillion was unchanged at $2.50.
