Biotechnology firm Affymax, Inc. (AFFY) said Wednesday that its third quarter loss narrowed from last year, helped by increased collaboration revenue from its partnership with Japan's Takeda Pharmaceutical Company Ltd. for development of the anemia drug candidate Hematide.
The Palo Alto, California-based company reported a net loss for the third quarter of $18.4 million or $0.97 per share, compared to a net loss of $26.2 million or $1.72 per share for the year-ago quarter.
On average, 7 analysts polled by Thomson Reuters expected the company to report a loss of $1.23 per share for the third quarter.
Total revenue for the third quarter rose 35% to $29.16 million from $21.65 million in the same quarter last year. Six analysts had a consensus revenue estimate of $26.10 million for the third quarter.
Research and development expenses for the quarter declined to $37.2 million from $39.8 million a year earlier, mainly due to reduced purchases of comparator drugs used in the company's clinical trials.
For the first nine months, the company reported a net loss of $62.2 million or $3.43 per share, compared to a net loss of $60.7 million or $4.00 per share for the same period last year.
Total revenue for the nine-month period rose to $81.94 million from $57.49 million in the prior year period.
Affymax and Takeda are co-developing Hematide, an investigational erythropoiesis-stimulating agent that is being tested in clinical trials for the treatment of anemia associated with chronic renal failure. The investigational therapy is currently in Phase 3 trials in patients with chronic renal failure.
Affymax shares are currently trading at $21.47, up 80 cents or 3.87%.
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