BioCryst Pharmaceuticals Inc. said Wednesday its first-quarter loss narrowed on a boost in flu treatment-related revenue.
The company lost $2.6 million, or 6 cents per share, compared with a loss of $9.3 million, or 24 cents per share, during the same period a year prior. Revenue surged to $26.1 million from $4.4 million.
Analysts polled by Thomson Reuters expected a loss of 16 cents per share on revenue of $19.6 million.
BioCryst is developing the flu treatment peramivir with funding from the Department of Health and Human Services. Peramivir is given intravenously to treat the flu in patients who are too sick to take an oral drug. The drug is still under development, and late-stage U.S. trials started are expected to last until 2011.
The company said revenue during the quarter included a $7 million milestone payment from the company's partner, Shionogi & Co. Ltd., for obtaining marketing and manufacturing approval of peramivir in Japan. Revenue also included a $7 million boost from the contract with the Department of Health & Human Services, along with sales of $6.4 million of peramivir active pharmaceutical ingredient to Shionogi and Green Cross Corp.
Shares of BioCryst rose 86 cents, or 12 percent, to $7.89 in morning trading. The stock has traded between $2.36 and $13.47 over the last 52 weeks.