BioCryst Pharmaceuticals, a Durham drug developer, said it lost about a fifth of its revenue in the fourth quarter as the company continues adjusting to drug delays and a failed merger.
Revenue fell in the fourth quarter to $4.1 million last year from $5.2 million for the same three-month period in 2011. BioCryst's quarterly loss was $11.1 million, versus $13.2 million a year earlier, in the wake of an emergency restructuring that cut half the company's staff.
The per share loss was 22 cents, a few pennies better than analysts were projecting. One of BioCryst's strong suits is a cash reserve of $22 million to $26 million to get the company to its next round of funding or research grants.
“Our team is focused on achieving near-term milestones to rebuild shareholder value,” said CEO Jon P. Stonehouse in a statement.