Novavax 3Q Loss Narrows On Cost Cuts

ROCKVILLE, Md. (AP) — Drug developer Novavax Inc. said its third-quarter loss narrowed slightly on lower expenses following staff cuts and other cost cutting.

Novavax lost $7.5 million, or 8 cents per share, compared with a loss of $7.8 million, or 12 cents per share, during the same period a year prior. Revenue rose 3.6 percent to $201,000 from $194,000.

Analysts polled by Thomson Reuters expected a loss of 9 cents per share.

Operating costs and expenses fell 15 percent to $8.5 million.

The company is currently developing a pandemic and seasonal flu vaccine.

Shares of Novavax fell 13 cents, or 3.2 percent, to $3.90 in midday trading. The stock has traded between 52 cents and $7.79 over the last 52 weeks.