(RTTNews) - Friday, Novavax, Inc. (NVAX: News ), a clinical-stage biopharmaceutical company, reported a narrower loss for the third quarter, primarily due to lower operating expenses, as a result of staff reductions and other cost cutting initiatives, as well as higher Revenue.

Net loss for the quarter narrowed to $7.53 million or $0.08 per share, from a net loss of $7.84 million or $0.12 per share for the comparable period year-ago. In the prior year, the company recorded a loss from continuing operations of $10.33 million or $0.16 per share year-ago.

On average, three analysts polled by Thomson Reuters estimated a loss of $0.09 per share. Analysts' estimates typically exclude special items.

Total revenues for the quarter increased to $201 thousand from $194 thousand in the prior year-period, reflecting a surge in royalities, milestone and licensing fees, despite a decline in contract research and development revenue. Wall Street analysts estimated revenues of $30 thousand.

Royalties, milestone and licensing fees increased to $166 thousand from $52 thousand a year ago. Contract research and development revenue plunged to $35 thousand from $142 thousand last year.

Total operating costs and expenses for the quarter declined to $8.46 million from $9.92 million in the year-ago period.

Rahul Singhvi, president and chief executive officer of Novavax, stated, "We are continuing to make rapid progress with each of our vaccine development programs which are targeting some of the world's most pressing public health problems."
According to him the company's partnerships in the United States, Spain, Mexico and India are accelerating the development of its VLP based 2009 H1N1 pandemic influenza and seasonal influenza vaccines and enabling Novavax to prepare for their commercial-scale production.

He added that the company recently selected a vaccine candidate against Respiratory Syncytial Virus or RSV, the most common cause of lower respiratory tract infection in infants and young adults.

In September, the company announced favorable results from a Phase II human clinical trial of its trivalent seasonal influenza virus-like particle or VLP vaccine candidate.

In October, the company initiated a two-stage pivotal clinical study of its 2009 H1N1 VLP pandemic influenza vaccine in Mexico, in collaboration with Avimex Laboratories and GE Healthcare. Avimex is providing financial support while GE Healthcare is providing its single-use bio processing products for vaccine production.

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