Tranzyme Pharma reported a wider net loss in the first quarter.
The Durham drug-development company had a net loss of $8.4 million, or 34 cents per share, in the quarter, compared to a net loss of $3.4 million, or 24 cents per share, in the first quarter of 2011.
Revenue was $2.6 million, up from $2.3 million during the same period a year ago.
Analysts who cover the company had anticipated a loss of 33 cents per share and revenues of $2.4 million.
In March, Tranzyme shares fell 43 percent in a single day after the company announced that new test results demonstrated that its most advanced drug candidate performed no better than a placebo.
The company then halted development of the drug, ulimorelin, and shifted its focus to TZP-102, an experimental treatment for debilitating gastrointestinal problems triggered by diabetes and other diseases. That drug is in Phase 2 trials, with test data expected to be released before year's end.
"We are working diligently with our investigators to advance the study," CEO Vipin Garg said in a statement.
As of the end of March, Tranzyme had $42.6 million in cash on hand.
Tranzyme reported its first-quarter results after the markets closed on Thursday. On Friday its shares fell 9 cents to close at $2.77.