Friday, before the bell, Biodel Inc. (BIOD), a development stage specialty pharmaceutical company, reported a wider loss for the third quarter, mainly due to an increase in research and development expenses.
Net loss for the third quarter widened to $11.15 million or $0.47 per share from $10.11 million or $0.43 per share for the same period last year.
On average, six analysts polled by Thomson Reuters expected Biodel to report a loss of $0.51 per share for the third quarter. Analysts' estimates typically exclude one-time items.
Biodel said the company did not recognize any revenue in the third quarter of this year as well as in the same period previous year.
Research and development, or R&D, expenses for the quarter increased to $7.99 million from $6.88 million for the same period last year. The company attributed the increase in R&D expenses to purchase of recombinant human insulin and slight increase in personnel expenses related to stock-based compensation.
However, general and administrative expenses declined to $2.69 million from $4.16 million in the same period last year.
Biodel noted that during the quarter, it continued its work to prepare a new drug application, or NDA, for submission to the U.S. Food and Drug Administration by the end of calendar year 2009 for approval to market VIAject for the treatment of diabetes.
For the first nine months, Biodel's net loss was $32.80 million or $1.38 per share, compared to $30.7 million or $1.40 per share for the same period last year. No revenues were reported in both periods.
Thursday, the stock closed at $4.91 on Nasdaq.
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