Tustin-based Peregrine Pharmaceuticals Inc. said Friday that higher research and staffing costs led to a wider loss in the quarter ended July 31.
The early-stage developer of treatments for hepatitis C and cancer said it posted a loss of $4.3 million in the period, up from a loss of $3.4 million a year ago. Revenue in the period was $208,000, compared to $504,000 a year earlier.
Peregrine said its revenue fell because it did less contract manufacturing work, using its facilities to develop the company’s own treatments instead.
“Peregrine has already achieved important milestones in the new fiscal year that reinforce the momentum of our clinical programs and underscore the major potential of our lead product candidates,” said Steven King, Peregrine’s chief executive.
During the quarter, Peregrine received FDA approval for phase 1 studies of Tarvacin Anti-Viral and initiated patient enrollment for the hepatitis C trial. It also started patient enrollment for a phase l study of its Tarvacin Cancer treatment at three centers.
Shares of Peregrine were unchanged at $1.11 on Friday.
