BioDelivery Sciences International, Inc. (BDSI) reported second-quarter 2013 loss of 35 cents per share wider than the Zacks Consensus Estimate of a loss of 34 cents. The company reported earnings of 12 cents per share in the year-ago period.
Quarter in Details
Quarterly revenues decreased sharply by 83% to $2.7 million. However, revenues were marginally higher than the Zacks Consensus Estimate of $2 million. Revenues were lower mainly because of contract revenues which stood at $1.9 million in the reported quarter, down 88%. The year-ago quarter included a $15 million milestone payment from Endo associated with the granting of a patent.
Research and development (R&D) expenses increased 91% to $12.8 million. Two pivotal pain studies and an ongoing phase III safety study under BioDelivery Sciences’ collaboration agreement with Endo Health Solutions Inc. (ENDP), led to the increase. The two pivotal chronic pain studies for BEMA buprenorphine are slated to finish later this year or early 2014.
The increase was also due to the NDA submission of its candidate, Bunavail in Jul 2013. The company is looking to get Bunavail approved for the maintenance treatment of opioid dependence.
Meanwhile, BioDelivery Sciences is looking to move clonidine topical gel, the third product in its pain franchise, into a phase IIb study later this year for the treatment of painful diabetic neuropathy.
General and Administrative (G&A) expenses increased 41% to $3.1 million, mainly due to increased stock based compensation expense.
More From Zacks.com