Tekmira Pharmaceuticals Misses Estimates; Shares Fall After-Hours
Shares of Tekmira Pharmaceuticals Corp (NASDAQ: TKMR) closed down 3.25 percent on Thursday, after the company announced its 2014 audited financial results and a corporate update.
Management reported a net loss of $38.8 million ($1.80 per share) on revenue of $15.0 million for 2014, compared to a net loss of $14.1 million ($0.92 per share) on revenue of $15.5 million for 2013.
Analysts expected revenue of $15.58 million, and a loss of $1.61 per share.
According to the company, the wider loss was mainly driven by a $17.2 million increase in research, development, collaborations and contracts expenses, as it moved additional products (like TKM-HBV, HCC and TKM-PLK1) into the clinic.
President and CEO Dr. Mark J. Murray commented: "By all measures, 2014 was a transformational year for Tekmira. We believe that 2015 has the potential to be another year of significant progress and accomplishment."
He stated that the company is currently "advancing a deep and broad portfolio of clinical and preclinical assets toward a combination therapy intended to cure chronic HBV infection."
Murray then commented on the acquisition of OnCore Biopharma, Inc., completed on March 4, 2015.
"We plan to mobilize what we believe is an unprecedented portfolio of high-value HBV assets, plus the scientific expertise and development capabilities, as proven in past Pharmasset success, to focus on discovering and developing a cure for HBV. We also intend to maximize the value of our non-HBV oncology, antiviral and metabolic disease assets as well as our partnered programs.
"We believe that Tekmira represents a novel and different therapeutics company, with a unique solutions-based business model; and that we are well positioned to capitalize on the global market opportunity in HBV and create significant long term value for shareholders."
On the call, management also looked into Non HBV assets, which saw significant progress over 2014.
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