Higher research and manufacturing costs offset improved sales for Tustin-based Peregrine Pharmaceuticals Inc. during the 12 months ended April 30.
Drug developer Peregrine said Thursday that it had a loss of $15.7 million in the period, up from a loss of $14.3 million a year ago. Revenue jumped 50% to $5 million.
Shares of Peregrine were down 1.7% to $1.01 on Thursday. The company is developing drugs to treat cancer, viral diseases and other ailments.
Peregrine said that its revenue gain came from increased contract manufacturing work at its Avid Bioservices Inc. unit.
On the other hand, the drug maker said its total costs and expenses were up 28% to $20.6 million for the year, primarily because of higher manufacturing costs at Avid. Research and development costs rose 15% in the period.
