BioCryst Pharmaceuticals Inc. cut its net losses by 45 percent in 2009 compared to 2008 thanks in part to a 32 percent spike in revenues.
The Birmingham-based biotech firm posted net losses of $13.4 million for the year ended Dec. 31, 2009. Its net losses in 2008 were $24.7 million, according to Securities and Exchange Commission filings.
BioCryst (NasdaqGM: BCRX) reported $74.6 million in 2009 revenues compared to $56.6 million for the year ended Dec. 31, 2008. The increase was driven by $22.9 million in product sales, filings show. BioCryst attributed the revenue increase primarily to the $22.5 million order of 10,000 courses of its intravenous flu drug peramivir from the U.S. Department of Health and Human Services. The firm also received a $7 million milestone payment from its partner, Shionogi, related to its filing of a regulatory approval request for peramivir in Japan.
In addition, revenue from the contract with HHS for the development of peramivir increased by $16.3 million during the current year as two global Phase III studies were initiated.
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