SteadyMed is a developer of hypertension and pain treatments given with a discrete, patented drug-delivery device called the PatchPump. The company is focusing on development and approval of Treyvant, a drug to treat pulmonary arterial hypertension.
SteadyMed reported losses of 6.9 million, or 51¢ per share, paring losses compared to last year by over 30%.
In addition, research and development costs rose from $3.1 million to $5.4 million, with SteadyMed saying the rise was mostly due to the development of Treyvent.
Losses per share missed analyst expectations by 7¢, with analysts expectations putting it in at 44¢. Shares didn’t move budge in response to the news, only rising 1¢.
“I am pleased by the progress SteadyMed has made so far in 2015 and I am very optimistic about our future as we continue to execute our strategic plan. With regards to our lead drug product candidate Trevyent, for the treatment of pulmonary arterial hypertension, or PAH, we have made significant advancements and have also entered into an exclusive license and supply agreement with Cardiome Pharma Corp. for Europe, Canada and the Middle East. In addition, we have completed our 2-year program of human factors studies, which has validated the usability of Trevyent in the intended patient population. Many years of research and development are now coming to fruition and despite the recent need to implement some modifications relating to scale-up, we are now preparing to manufacture Trevyent, prior to the submission of our NDA,” CEO Jonathan Rigby said in a press release.
Steadymed launched its IPO in March, aiming for $55 million but falling short and raising only around $40 million, selling 4.7 million shares at $8.50 each.