(By Balaseshan) Achillion Pharmaceuticals Inc. (NASDAQ: ACHN) reported a wider-than-expected loss in the third quarter due to costs incurred from clinical testing of its hepatitis C virus protease inhibitors.
Loss for the third quarter widened to $15.26 million or $0.20 per share from $10.44 million or $0.15 per share.
The company recognized no revenue for the third quarter, compared to about $64,000 last year.
Analysts, on average, polled by Thomson Reuters had expected a loss of $0.17 per share on revenue of $50,000 for the third quarter.
Research and development expenses increased to $12.6 million from $8.6 million, primarily due to increased expenses related to preclinical and clinical testing of ACH-3102, partially offset by decreased clinical trial expenses for sovaprevir, ACH-2684 and ACH-2928.
General and administrative expenses for the third quarter rose to $2.6 million from $1.9 million.
"Furthermore, with our strengthened balance sheet and continued progress with sovaprevir, our next-generation protease inhibitor, we believe that we are poised to begin all-oral, interferon-free combination studies evaluating our proprietary agents for the treatment of hepatitis C virus or HCV in the coming months," said Michael Kishbauch, Chief Executive of Achillion.
ACHN closed Wednesday's regular trading down 4.16% at $8.75. The stock has been trading between $5.12 and $12.95 for the past 52 weeks.