Cipher Pharmaceuticals Inc. (TSX: DND) says it widened its net loss in the first quarter to $1.1 million or five cents a share, from a loss of $0.5 million or two cents in the same period last year.
Net revenues in the quarter fell to $0.7 million from $0.9 million.
Gross research and development spending fell to $1.7 million from $2.4 million, while operating, general and administrative expenses increased to $1.2 million from $0.9 million.
Cipher's lead drug — used to control high cholesterol — is sold in the United States by Kowa Pharmaceuticals America under the label Lipofen.
Cipher's second product, an extended-release version of the pain reliever tramadol, has received regulatory approval and the third drug, a new version of the acne treatment isotretinoin, is in its final Phase III safety study.
In the first quarter our team continued to make good progress on the (isotretinoin) safety study, which just finished on schedule with more than 900 patients included," said Larry Andrews, Cipher's president and CEO.
"Lipofen continues to provide a steady revenue stream as we prepare to launch our other two products in the U.S. and evaluate additional markets for these products."