Aeterna Zentaris Inc (NASDAQ:AEZS) reported a narrower loss in this year’s third-quarter results, more than doubling its revenue.
The biotech reported a net loss of $0.15 per share on revenue of $663,000 compared with a net loss of $0.61 on revenue of $241,000 in the previous year’s third quarter.
The South Carolina-based company ended the quarter debt-free with $16.8 million in cash on hand.
Shares slipped nearly 7% to $2.21 in Wednesday morning trading.
Aeterna Zentaris entered into a licensing agreement with a subsidiary of Strongbridge Ireland Ltd back in January 2018 to develop Macrilen, also known as macimorelin, in the US and Canada.
Macrilen is used in the diagnosis of adult growth hormone deficiency, a rare endocrine disorder.
The company has been advancing its plans to move into Europe, submitting Macrilen to the European Medicines Agency’s Committee for Medicinal Products for Human Use.
The CHMP takes part in authorizing the use of medicines in the European Union.
"We are very pleased with the progress we are making in the European Union and of the Company’s Day-181 CHMP submission of macimorelin to the European Medicines Agency last month and anticipate a decision from the European Commission in the first quarter of 2019,” said CEO Michael V. Ward in the company’s press release.
The drug development company specializes in oncology and endocrine therapy.
Contact Lenore Fedow at [email protected]