Furiex Pharmaceuticals, which saw its stock drop 23 pertcent in a single day last week after a drug it is developing with a partner failed to win U.S. regulatory approval, reported a narrower net loss in the first quarter.
The Morrisville company reported Thursday a loss of $9.8 million, or 98 cents per share, compared to $14.4 million, or $1.45 per share, in the first quarter of 2011.
Revenue from royalties totaled $2.6 million, compared to $400,000 in the first quarter of 2011.
The company's research and development expenditures declined from $12.9 million to $9.4 million. Furiex attributed the decline to completion of Phase 2 trials for its drug candidates, JNJ-Q2 and MuDelta.
MuDelta is being developed to treat irritable bowel syndrome. JNJ-Q2 has been studied as both a treatment for acute skin infections and for bacterial pneumonia.