(RTTNews) - Specialty pharmaceutical company NuPathe, Inc. (PATH) Thursday reported a wider loss for the third quarter
Net loss for the third quarter available to common shareholders widened to $9.05 million from $5.57 million last year. On a per-share basis, quarterly loss was $1.01 on 9 million shares compared with a loss of $14.60 on 0.38 million shares a year ago.
On average, 3 analysts polled by Thomson Reuters expected a loss of $0.55 per share for the quarter. Analysts' estimates typically exclude special items.
NuPathe raised $50.0 million in gross proceeds from its IPO in August of 5 million shares of common stock at $10.00 per share. In connection with the closing of the IPO, all outstanding shares of preferred stock were automatically converted into shares of common stock.
Jane Hollingsworth, chief executive officer said, The last few quarters have been exceptionally productive for NuPathe, culminating with the filing of our New Drug Application (NDA) for Zelrix for the treatment of acute migraine in late October. With the NDA filing complete, we will now focus our attention on preparing for a strong commercial launch of Zelrix and advancing the other products in our pipeline."
The development-stage company did not have any revenues.
Research and development expenses increased to $5.2 million from $2.6 million last year.
In October, NuPathe announced positive top-line results from a 12 month open-label trial for Zelrix as well as the development of an in vitro analytical testing method for Zelrix and the successful completion of two pharmacokinetic trials and a tolerability trial for Zelrix.
Zelrix is an active, single-use, transdermal sumatriptan patch in development for the treatment of migraine. Zelrix is designed to provide migraine patients fast onset and sustained relief through a well-tolerated, non-oral route of administration.
NuPathe said it continues to advance the development of NP201 for the continuous symptomatic treatment of Parkinson's disease and NP202 for the long-term treatment of schizophrenia and bipolar disorder.
In October, NuPathe was awarded Qualifying Therapeutic Discovery Project grants under section 48D of the U.S. Internal Revenue Code totaling $650,000 in connection with its Zelrix, NP201 and NP202 development programs.
NuPathe ended the third quarter of 2010 with $46.8 million in cash and cash equivalents.
Path closed Thursday's regular trading at $5.60, up $0.05 or 0.90% on the Nasdaq. Over the past year, the stock traded in a range of $5.06 - $10.22.