Chimerix posts larger 1Q loss on stock costs
Chimerix takes bigger loss on preferred stock costs; drug developer went public in April
DURHAM, N.C. (AP) -- Drug developer Chimerix Inc. said Monday it took a larger loss in the first quarter on costs related to redeemable preferred stock.
Chimerix conducted its initial public offering in April, and the company said it raised $117.9 million before expenses and discounts.
The company said it lost $34.6 million, or $22.58 per share, in the latest quarter. That includes $25.5 million in costs from the accretion of redeemable convertible preferred stock. In the first quarter of 2012 it lost $7.8 million, or $5.14 per share. Revenue fell to $1.8 million from $3.1 million.
Chimerix's is studying a drug called CMX001 as a treatment for cytomegalovirus in people who have received a transplant of blood stem cells. Cytomegalovirus is a common virus that infects most people. It rarely causes problems, but it can cause serious infections in people who have received organ transplants or in patients with immune disorders like HIV or AIDS.
Shares of Chimerix rose 70 cents, or 3.5 percent, to $20.75 in morning trading. The company's initial public offering price at $14 on April 11 and its shares have gained about 43 percent since then.
