Cancer drug developer Celldex Therapeutics Inc. reported a larger first-quarter loss Wednesday, saying its revenue and investment income decreased.
Celldex lost $10.1 million, or 31 cents per share. It reported a loss of $6.6 million, or 21 cents per share, in the first quarter of 2010. Revenue slipped to $2.5 million from $3.7 million
Analysts expected a loss of 30 cents per share and $2.6 million in revenue, according to FactSet.
The company said its revenue from product development and licensing agreements fell to $14,000 from $1.3 million a year ago. Its 2010 results included a payment from Pfizer Inc., which was helping to develop Celldex's drug candidate rindopepimut. Pfizer pulled out of the partnership in late 2010, and Celldex regained full worldwide rights to the drug. It is preparing to start a late-stage study of the drug as a treatment for glioblastoma, the most aggressive type of brain cancer.
Celldex said its product royalties grew to $2.5 million from $2.1 million. However, its investment and other income dropped to $84,000 from $3.2 million. Its results from a year ago included a $3 million sublicense payment from Topotarget AS.
Shares of Celldex fell 7 cents to $3.99 in midday trading.