Dallas, Texas 05/12/2014 (FINANCIALSTRENDS) –Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) today reported its 1Q14 earnings for the quarter ended March 31, 2014. The company reported wider net loss for 1Q14 at $16.1 million ($0.17 per share) as compared to a net loss of $11.7 million ($0.14 per share) for 1Q13. The company reported cash equivalents, marketable securities and interest receivable at $144.7 million as at March 31, 2014.
President and Chief Executive Officer of Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN), Milind Deshpande commented, “We have made significant progress advancing our HCV program in the first few months of 2014 and were pleased to have recently announced the start of our Phase 1 clinical program for ACH-3422, a nucleotide inhibitor. With our financial resources, we believe we have sufficient capital to fund our operations into 2016.”
The CEO added that the company will be able to report results from its number of studies including Phase-I, proof of concept data by fall of 2014; Phase-II of an ongoing trial related to ACH-3102; and an additional Phase-II study which is expected to begin later this year.
Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) reported research and development expenses for 1Q14 at $12.8 million against $8.7 million for 1Q13. The increase in R&D expenses was largely attributed to higher pre-clinical as well as manufacturing costs for ACH-3422 and higher clinical development costs for ACH-2684 and ACH-3102.
General and administrative expenses were reported at $3.4 million for 1Q14 as compared to $3.1 million in 1Q13. Achillion Pharmaceuticals, Inc. reported non-cash stock compensation expense at $1.6 million for 1Q14 as compared to $1.4 million for 1Q13.
Stock of Achillion Pharmaceuticals closed at $2.79 on Friday, gaining 10.71% from its previous close. The stock traded with higher volume of 1.90 million shares as compared to its 30 day average volume of 1.52 million shares. The stock has declined by 14.42% year to date. Its 52 week range is between $2.26 and $8.49.