Arca biopharma Inc (NASDAQ:ABIO) posted a smaller-than-expected first-quarter loss as its lead drug progressed toward regulatory approval, the company announced Wednesday.
The biopharmaceutical company reported a net loss of $1.86 per share, compared to a $3.61 loss in the prior year quarter. That beat Street expectations of a $1.98 loss.
Cash and its equivalents increased to $8 million from $6.6 million last quarter.
Gencaro, its beta blocker designed to treat irregular heartbeat, received a Special Protocol Assessment from the Food and Drug Administration in February. That means its planned 2019 Phase 3 trial will be acceptable to secure FDA approval.
The Colorado-based company also plans to begin non-clinical studies later this year of AB171, a genetically-targeted treatment for heart failure and peripheral arterial disease.
After jumping 10% at the open, the stock fell back to earth, dropping 0.5% to $15.03.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel