Cadence Pharmaceuticals (CADX) reported a wider loss in the most recent quarter as expenses became more cumbersome.
The company lost $7.8 million, or $6.01 a share, in the latest quarter, compared with a loss of $2.4 million, or $2.04 a share, a year ago.
Operating expenses in the quarter were $8 million, more than three times last year, primarily because of costs related to an ongoing phase III trial of Omigard. The company expects to complete enrollment in the late-stage Omigard trial in the second half of 2007 and report early results by the end of next year.
Cadence just completed its initial public offering last month, generating $56 million in proceeds.
"We expect the funds raised through our IPO will allow us to complete the clinical trials necessary to support new drug application filings for both of our product candidates, IV APAP and Omigard," said Ted Schroeder, the company's president and CEO.
Shares fell 1 cent to $11.99 Thursday.