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Novavax takes bigger 2Q loss as costs grow

ROCKVILLE, Md. (AP) -- Vaccine developer Novavax Inc. said Friday it took a wider loss in the second quarter as its research and development costs increased.

Novavax is studying vaccines for illnesses including seasonal influenza and respiratory syncytial virus, which is the most common cause of lower respiratory tract illnesses in infants and young children. Its vaccines are made with genetically engineered virus-like particles. The particles resemble a virus but do not have the genetic material a virus needs to reproduce itself.

In the second quarter, Novavax lost $5.9 million, or 5 cents per share. In the second quarter of 2011 it took a loss of $5 million, or 4 cents per share. Revenue more than doubled to $7.1 million from $3 million, but the company said its spending climbed because of greater employee-related costs and expenses related to a new manufacturing facility.

Analysts were forecasting a loss of 5 cents per share and $6.7 million in revenue, according to estimates compiled by FactSet.

Novavax does not have any products on the market and the company gets its revenue from government contracts. Shares of Novavax slipped 2 cents to $2.09 on Friday.