NEW HAVEN, Conn. (AP) -- Achillion Pharmaceuticals Inc. said Wednesday its second-quarter loss widened slightly as expenses climbed and the hepatitis C drug developer took in no revenue.
The company's shares fell more than 5 percent in afternoon trading.
The New Haven, Conn., company has several potential treatments in early and mid-stage testing but no products on the market.
The tough-to-treat hepatitis C virus can lead to life-threatening liver damage and is the main cause of liver transplants in the United States. Analysts say the market for treatments is potentially lucrative for drugmakers, and many companies are trying to develop them. More people are expected to be diagnosed with the disease as the baby boomer generation ages.
Achillion lost $11.5 million, or 16 cents per share, in the three months that ended June 30. That compares to a loss of $11.3 million, or 19 cents per share, in last year's quarter, when the company had fewer shares outstanding.
The drug developer reported no revenue in this year's second quarter, compared to about $56,000 last year after receiving reimbursement costs from a former collaboration with another hepatitis C treatment developer, Gilead Sciences Inc.
Analysts surveyed by FactSet expected, on average, a loss of 17 cents per share on about $100,000 in revenue.
Achillion's operating expenses climbed 2 percent to $11.6 million, as research and development and general and administrative costs rose.
The company's cash, cash equivalents and marketable securities totaled $60 million as of June 30, and Achillion said it expects to have the resources to support clinical compound development through 2013.
Shares of Achillion dropped 5.5 percent, or 38 cents, to $6.52 while broader trading indexes were flat.