BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) today announced financial results for the fourth quarter and full year ended December 31, 2011.
“As we move forward into 2012, BioCryst has the most promising pipeline in its history. Today our portfolio is balanced with both late- and early-stage assets, including a Phase 3 influenza program that is fully funded by the U.S. Government, a Phase-3-ready treatment for gout, as well as two highly innovative, BioCryst-discovered, potential treatments for Hepatitis C and hereditary angioedema. These novel compounds are on track to advance into clinical trials by the end of this year,” said Jon P. Stonehouse, President & Chief Executive Officer of BioCryst. “We have entered 2012 with a solid balance sheet and a combination of development assets that together have the potential to generate significant value for BioCryst’s shareholders.”
Fourth Quarter Financial Results
For the three months ended December 31, 2011, revenues decreased to $5.2 million from $16.7 million in last year’s quarter, primarily due to a $9.0 million decrease in collaboration revenue from the Department of Health and Human Services/Biomedical Advanced Research and Development Authority (HHS/BARDA) under the contract for the continued development of peramivir. This decrease resulted primarily from the completion of peramivir clinical trials in 2010.Fourth quarter 2011 research and development expenses decreased to $14.1 million from $24.1 million in the fourth quarter of 2010. This decrease was primarily due to lower development costs associated with the peramivir and forodesine clinical programs following the completion of various clinical trials during 2010, partially offset by higher BCX4208 gout development costs associated with that program. General and administrative expenses for the fourth quarter of 2011 decreased to $2.2 million compared to $2.9 million in last year’s quarter, primarily due to lower third-party professional expenses and the transition of the Company’s headquarters to North Carolina.