Affymax Inc. said Friday its third-quarter loss narrowed on lower operating expenses, mainly on a decrease in clinical trial costs.
The biopharmaceutical company lost $12 million, or 49 cents per share, compared with a loss of $18.4 million, or 97 cents per share, during the same period a year prior. Revenue fell to $16.8 million from $29.2 million on lower payments from partnerships.
But, operating expenses fell 40 percent to $28.9 million, as both research and development expenses and general and administrative costs declined.
The company is developing the potential anemia drug Hematide with partner Takeda Pharmaceutical.