Good morning! Earnings season is wrapping up, and we’ve got a couple more Austin companies reporting their results. Here’s a look at how they did:
Vermillion reports second quarter loss
Austin-based medical diagnostics company Vermillion Inc. reported a loss of $2.4 million in its second quarter.
On a per-share basis, the Austin, Texas-based company said it had a loss of 4 cents.
The bio-analytical company posted revenue of $898,000 in the period.
Vermillion develops tests to help physicians diagnose and treat gynecological diseases. The company was founded in 1993 in California and moved its headquarters to Austin in 2011. It also operates subsidiaries ASPIRA Labs and ASPIRA IVD.
In February, the company said it raised $5.6 million in equity financing through a private stock placement.
In the final minutes of trading on Wednesday, the company's shares hit $1.38. A year ago, they were trading at $1.34.
Pain Therapeutics posts second quarter loss
Drug development company Pain Therapeutics reported a loss of $4.2 million in its second quarter.
On a per-share basis, the Austin-based company said it had a loss of 64 cents.
The company's shares closed at $3.38. A year ago, they were trading at $18.23.
Pain Therapeutics is seeking federal approval for its signature drug, Remoxy, which it describes as a controlled-release oral capsule form of oxycodone.
In its earnings report, the company said it is targeting resubmission of the New Drug Application for Remoxy ER for the first quarter of 2018.
In the first quarter of 2017, Pain Therapeutics said it met with the FDA to better understand the requirements for regulatory approval of the drug. The company was told it needed to complete two more studies, which it has initiated.
Last month, Pain Therapeutics announced the FDA has cleared its investigational new drug application for PTI-125, a drug to treat Alzheimer’s Disease.
As a result, clinical testing with PTI-125 will begin soon, with funding provided by a $1.7 million research grant from the National Institutes of Health.
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