Spectrum Pharmaceuticals Inc. said its third-quarter loss widened as the company spent more money on drug development and a patent lawsuit.
The Irvine-based drug developer reported a $5.2 million loss in the quarter, up from a $4.1 million loss a year earlier.
The loss “was primarily due to increases in research and development expense and increased legal expense in connection with the lawsuit regarding our patent challenge of GlaxoSmithKline’s Imitrex injection,” the company said in a release.
Spectrum posted sales of $184,000 from product revenue and commissions under a licensing agreement, up from no revenue a year earlier.
The drug developer raised $42 million in a sale of stock in September to help fund drug trials and development.
