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Biota Pharmaceuticals Q4 loss $6.5 million

Staff writer ▼ | September 19, 2013
Biota Pharmaceuticals announced financial results for its fourth quarter and fiscal year ended June 30, 2013. The company reported a net loss of $6.5 million, compared to a net loss of $5.9 million in the same period of 2012.
Biota Pharmaceuticals
Biota PharmaceuticalsBiota Pharmaceuticals announced financial results for its fourth quarter and fiscal year ended June 30, 2013. The company reported a net loss of $6.5 million, compared to a net loss of $5.9 million in the same period of 2012.


The $0.6 million increase in net loss from 2012 to 2013 was the result of a $2.0 million increase in operating expenses that included a $1.8 million reduction in expenses from a foreign exchange gain, a $0.5 million decrease in interest income and a $0.3 million increase in income tax expense, offset in part by a $2.2 million increase in revenue.

Basic and diluted net loss per share were $0.23 for the three month period ended June 30, 2013, as compared to a basic and diluted net loss per share of $0.26 in the same period of 2012.

Revenue increased to $9.3 million for the three months ended June 30, 2013 from $7.1 million in the same period of 2012, primarily as a result of a $4.6 million increase in service revenue related to the advancement of laninamivir octanoate into a Phase 2 clinical trial under the BARDA contract, offset in part by a decrease of $2.2 million in royalty revenue from net sales of Relenza® and Inavir.

Cost of revenue increased to $7.7 million in the three month period ended June 30, 2013 from $3.8 million in the same period in 2012 due to the advancement of laninamivir octanoate into a Phase 2 clinical trial under the BARDA contract.

Direct clinical and product development expenses increased by $3.4 million and salaries, benefits and share-based compensation expenses increased by $0.5 million due to more resources being deployed on the laninamivir octanoate program in 2013.


 

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