TUSTIN, Calif. (AP) -- Drug developer Peregrine Pharmaceuticals Inc. said Tuesday it took a smaller loss in the fiscal third quarter as it received more revenue and spent less on clinical trials.
Peregrine said its revenue more than doubled and its research and development costs fell by about 40 percent. The company does not have any approved products. Its most advanced drug candidate is bavituximab, a potential treatment for non-small cell lung cancer.
The company lost $4.9 million, or 4 cents per share, over the three months ended Jan. 31. A year earlier it took a loss of $11.1 million, or 13 cents per share. Revenue grew to $7 million from $3.3 million over the three months ended Jan. 31.
Analysts forecast a loss of 7 cents per share on $4.1 million in revenue, according to FactSet.
In September Peregrine said patients who were treated with bavituximab lived twice as long as patients who received only chemotherapy in a clinical trial, and its shares rose to a three-year high. In February the company revised its report, saying the bavituximab patients lived only 60 percent longer. Peregrine said the problem appeared to be tied to another company that was contracted to code and distribute the product.
The company is preparing to meet with Food and Drug Administration and hopes to begin a late-stage trial of bavituximab by year-end.
Shares of Peregrine Pharmaceuticals fell 4 cents to $1.58 Tuesday. In after-hours trading the shares gained 5 percent, or 8 cents, to $1.66.
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