Arrowhead Research Corp. late Wednesday reported a narrower fourth quarter loss, largely due to the Pasadena biotech having more shares outstanding than a year earlier.
After the markets closed Wednesday, the RNAi therapeutics company reported a net loss of $31.1 million (-$1.30 a share) for the quarter ended Sept.30, compared with net loss of $21.1 million (-$1.90) in the same period a year earlier. It reported no revenue in the quarter.
Arrowhead’s drug platform seeks to fight disease by blocking the action of genes that contribute to particular diseases. The company has no products on the market, but has seen great interest from investors due to its lead drug candidate, ARC-520, which fights chronic Hepatitis B virus. ARC-520 is in early-stage clinical trials.
The company’s share price has soared more than 300 percent since the beginning of the year. Shares on Wednesday earlier closed up 39 cents, or 4.5 percent, to $9.14 on the Nasdaq.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Medical Company Has Right R/x for Wall Street
- Drug Developer Given $45 Million Shot in Arm
- Arrowhead Falls After FDA Alters Drug Trial
- Arrowhead Shares Rise on Study Greenlight
- Arrowhead Pharmaceuticals Seeks Approval to Conduct Two Gene Therapy Clinical Trials
- Wednesday Rundown: Wage Hike Almost Official, Sundance Cinema Selling, Arrowhead Drug Gets ‘Orphan’ Incentives
- Pasadena-based Arrowhead Pharmaceuticals Narrows Year-End Loss
- Arrowhead Pharma Raises $60 Million in Stock Offering