Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Novavax, a clinical-stage biopharmaceutical company, has reported revenue of $834,000 for the first quarter ended 31 March 2011, compared to $110,000 for the same period in 2010.
Subscribe to our email newsletter
The company has reported a net loss of $7.45m, or $0.07 loss per diluted share, compared to net loss of $10.34m or $0.10 loss per diluted share, for the same period last year.
The primary reason for the decreased loss during the quarter was due to lower research and development spending to support clinical trials of the company’s seasonal and pandemic influenza vaccine candidates.
Novavax‘s loss from operations was $7.43m, as compared to $11.45m for the same period prior year.
Novavax president and CEO Stanley Erck said the first quarter was not only a productive period for their scientific and clinical team, but also a remarkable turning point in their company’s history.
"The award of the BARDA contract validates and accelerates our plans to develop novel vaccines to prevent seasonal and pandemic influenza, while our agreement with LG Life Sciences advances our efforts to work with pharmaceutical partners worldwide to commercialize our technology," Erck said.