said its third-quarter loss before items was $13.4 million, or 28 cents a share, slightly narrower than analysts' 31-cent forecast, according to Thomson Financial/First Call. In the year ago period, the drug company lost $5.5 million, or 13 cents a share.
Revenue for the quarter increased to $11.9 million from $6.1 million a year ago, due mostly to new collaborations and increased contract revenue from existing partnerships.
For the fourth quarter, the company anticipates that revenue will increase 5% to 10%, while expenses increase 10% to 15%. The company also expects a cash burn rate in the range of $42 million to $47 million based on annual revenue of $40 million to $45 million.