Endocyte, Inc. ( ECYT ) reported first
quarter 2013 net loss per share of 11 cents, wider than the Zacks
Consensus Estimate of a loss of 5 cents but narrower than the
year-ago loss of 27 cents.
First quarter 2013 revenues were $14.5 million compared with no
revenues in the first quarter 2012. Revenues comprised solely of
collaboration revenues. Revenues surpassed the Zacks Consensus
Estimate of $14 million.
In the reported quarter, research and development expenses were
$12.3 million, up 92.2%. The company's effort to develop its
pipeline was primarily responsible for the increase. In the
reported quarter, general and administrative (G&A) expenses
jumped 103.2% to $6.3 million. The increase was attributable to
establishing commercial capability. An increase in compensation
expenses was also responsible for pushing G&A costs up.
In 2012, Endocyte submitted a marketing authorization
application (MAA) seeking approval for vintafolide for
platinum-resistant ovarian cancer. The company is also seeking EU
approval for a folate-targeted molecular imaging agent,
etarfolatide. Both were granted orphan drug status in the EU in
2012. The company expects a decision from the European Commission
on both candidates in the fourth quarter of 2013.
Endocyte and its partner Merck & Co. Inc. (
MRK ) will initiate
a phase II randomized trial on vintafolide in folate
receptor-positive triple negative breast cancer in the fourth
quarter of 2013.
For its folate-targeted tubulysin therapeutic, Endocyte will
file an investigational new drug (IND) application and initiate a
study in the third quarter of 2013.
Endocyte maintained its cash, cash equivalents and investments
guidance in the range of $145 - $160 million as on Dec 31,
Endocyte carries a Zacks Rank #4 (Sell). Currently, companies
like Lannett Company, Inc. ( LCI ) and
Catalyst Pharmaceutical Partners Inc. ( CPRX ) look more
attractive with a Zacks Rank #1 (Strong Buy).CATALYST PHARMA (CPRX): Free Stock Analysis
ReportENDOCYTE INC (ECYT): Free Stock Analysis ReportLANNETT INC (LCI): Free Stock Analysis ReportMERCK & CO INC (MRK): Free Stock Analysis
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