The Warren, N.J.-based company posted a net loss of -$7.6 million for the 3 months ended Sept. 30, for bottom-line loss of -81% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -22¢, behind consensus on The Street.
“We continue to achieve important progress in all three of our INOpulse clinical development programs,” CEO Fabian Tenenbaum said in prepared remarks. “In our INOvation-1 Phase III trial for pulmonary arterial hypertension, we now have over 100 sites activated in 17 countries and patient enrollment is progressing as planned. We expect to review both an interim analysis and top-line results from this trial in 2018.
“We are especially encouraged with the recently announced positive top-line Phase II data in patients with pulmonary hypertension associated with chronic obstructive pulmonary disease (PH-COPD). These results further support the potentially unique role that INOpulse’s targeted vasodilation could have in becoming the first therapy approved for patients suffering from pulmonary hypertension associated with lung diseases, such as PH-COPD and pulmonary hypertension associated with interstitial lung disease (PH-ILD). In order to support the continued development of our robust pipeline, we recently completed a private placement that raised aggregate gross proceeds of approximately $23.4 million, which will allow the company to reach multiple key clinical milestones in our ongoing and planned clinical trials.”
BLPH shares were trading at $1.36 apiece today in morning activity, down -1.2%.