BIRMINGHAM, Ala., May 8 /PRNewswire-FirstCall/ -- BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) today announced financial results for the quarter ended March 31, 2008. The Company reported revenues of $10.8M in the first quarter of 2008, compared to $9.2M in the first quarter of 2007. The net loss for the quarter ended March 31, 2008 was $13.1M, or $0.34 per share, compared to a net loss for the quarter ended March 31, 2007 of $8.8M, or $0.30 per share.
Research and development (R&D) expenses were $21.9M in the first quarter of 2008, compared to R&D expenses of $16.2M in the first quarter of 2007. The increase is primarily attributable to costs associated with the advancement of clinical programs, the costs related to manufacturing lead drug candidates and the increase in personnel related costs, which included an increase in the non-cash share-based compensation charge.
General and administrative (G&A) expenses for the first quarter of 2008 were $2.9M compared to G&A expenses of $2.4M for the same quarter in 2007. The higher G&A expenses were primarily due to an increase in professional fees and personnel related costs.
As of March 31, 2008, the Company had cash, cash equivalents and investments of $81.2 million.
"Our financial flexibility and stability will allow us to pursue all of the significant milestones we have set forth for our pipeline candidates," said Jon P. Stonehouse, Chief Executive Officer of BioCryst. "2008 will be a very active year in the clinic for BioCryst, and we are fortunate to have the financial basis to advance our drug candidates in order to deliver the greatest value to both patients and our shareholders."
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|SOURCE BioCryst Pharmaceuticals, Inc.|
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