Nivalis cites increased losses in first quarter
BOULDER — Clinical-stage pharmaceutical company Nivalis Therapeutics Inc. on Tuesday reported a first-quarter loss of $7.8 million, or 51 cents a share.
The Boulder-based company (Nasdaq: NVLS), which went public last June and remains pre-revenue, is developing drug candidates for the treatment of cystic fibrosis, including lead candidate N91115.
The loss for the quarter ending March 31 was a substantial increase from the net loss of $4.3 million in the first quarter of 2015, before the company went public. Nivalis said the loss primarily was the result of increased research and development expenses associated with the Phase 2 clinical program, as well as other related development costs for N91115. It also cited increased general and administrative costs related to becoming and operating as a publicly traded company.
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“We are making progress toward our goal of improving clinical outcomes for patients with cystic fibrosis with encouraging recruitment in our ongoing Phase 2 study” of the drug, said Jon Congleton, president and chief executive of Nivalis, in a statement that accompanied the earnings report.
Near the close of trading Tuesday, Heska shares were up 31 cents or 7.4 percent at $4.50.
