Tranzyme Pharma, a Durham drug-development company that raised nearly $50 million through an IPO last month, said today that first quarter revenue increased 64 percent.
Revenue for the three-month period that ended March 31 was $2.3 million.
The company reported a net loss of $3.4 million for the quarter, up from a loss of $2.7 million a year ago, due mainly to increased spending on clinical trials.
Tranzyme spent $4.5 million on research and development in the quarter, compared to $2.9 million in the same period a year ago.
Tranzyme's IPO was the first for a Triangle company since SciQuest of Cary began trading in September. The company was forced to cut the size of its offering to get the deal done.
The company's expected to use the money it raised for further clinical testing of experimental drugs to treat gastrointestinal problems.
Tranzyme is testing a drug that helps restart the body's digestive functions after bowel or abdominal surgeries.
Another promising medicine treats a stomach condition that afflicts diabetics.
Both represent large potential markets, and Tranzyme has attracted larger pharmaceutical companies as partners, including Bristol-Myers Squibb.
Tranzyme shares closed at $4.06, down 8 cents for the day. The stock began trading April 4 at $4 per share.