Cempra, the Triangle's newest publicly traded company, reduced its losses in the first quarter.
The Chapel Hill drug-development company reported a loss of $3.5 million, or 26 cents per share, versus a loss of $6.2 million a year ago.
The company's $1.9 million in research-and-development expenses was down 57 percent compared to a year ago thanks to reduced clinical trial activity. The company expects R&D expenses to increase later this year when it initiates several clinical trials.
Cempra went public in February, netting $54.7 million after expenses. The company had $65.9 million in cash at the end of March.
Cempra doesn't have any drugs on the market. Its timetable for both its leading drug candidates calls for filing marketing approval with the Food and Drug Administration in 2015.
Cempra released its first-quarter results Thursday after the markets closed. Cempra shares were fetching $6.80 Friday afternoon, up 35 cents. The company went public at $6 a share.