Drug development company Fennec Pharmaceuticals Inc. reported a larger loss in its second quarter due to higher operating expenses and higher research and development expenses.
The Durham-based company reported a net loss of $1.6 million, or 11 cents per share, up from a net loss of $724,000, or 6 cents per share, in the second quarter a year ago.
The one analyst who covers the company was expecting a loss of 5 cents per share.
“As we look forward to the second half of 2017, the pending SIOPEL 6 results have the potential to mark a significant milestone for the Company as we continue our commitment towards serving an unmet medical need for pediatric patients with cisplatin chemotherapy,” stated CEO Rosty Raykov in a statement.
Fennec’s shares rose 20 cents to $6.75 on Friday.
Research and development expenses rose to $333,000 in the second quarter from $139,000 in the second quarter of 2016.
Operating expenses, which include salaries, rose to $1.1 million in the second quarter from $568,000 in the second quarter of 2016.
Fennec Pharmaceuticals is focused on the development of sodium thiosulfate for the prevention of loss of hearing in pediatric cancer patients.
Children undergoing chemotherapy face the loss of hearing. Fennec Pharma hopes that sodium thiosulfate will allow these children to keep their hearing and prevent permanent disability.
The drug has received orphan drug designation, which means it is intended for the safe and effective treatment, diagnosis or prevention of rare diseases and disorders that affect fewer than 200,000 people in the U.S.