Aegerion Pharma's net loss widens as it awaits FDA action

Written By Unknown on Kamis, 08 November 2012 | 00.32

Cambridge-based Aegerion Pharmaceuticals Inc. said it suffered a net loss of $14.9 million in the company's third quarter, compared with a net loss of $10.1 million for the same period in 2011, according to an earnings report released today.

For the nine months ended Sept. 30, net loss was $40.5 million, compared with a net loss of $25.6 million for the same period last year.

Aegerion said a nearly 11 percent year-over-year decrease to $6.5 million in research and development expenses in the third quarter was primarily related to decreases in clinical trial expenses related to trials which had been substantially completed in 2011, offset in part by cost increases associated with the company's ongoing lomitapide drug substance manufacturing validation campaign, and increased headcount required to support the company's regulatory and medical affairs activities.

Last month, a U.S. Food and Drug Administration advisory panel recommended approval of lomitapide, which would be used to treat patients suffering from the rare, life-threatening disease homozygous familial hypercholesterolemia.

The FDA assigned a Prescription Drug User Free Act action date of Dec. 29 for completion of its review of the company's new drug application.

Company stock fell 4 percent to a low of $21.08 per share today.


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