ROCKVILLE, Md. (AP) — Supernus Pharmaceuticals Inc.'s second-quarter loss grew as revenue fell and operating expenses rose while the specialty drugmaker prepared to launch the epilepsy treatment Trokendi XR.
The Rockville, Md., company raised $47.6 million with an initial public offering of stock in May, and it then received a tentative approval in June from the Food and Drug Administration for Trokendi XR.
Supernus lost $10.3 million, or 61 cents per share, in the three months that ended June 30. That compares to a loss of $8.2 million, or $5.17 per share, in last year's quarter, when the company had fewer shares outstanding before the IPO.
Revenue fell to $91,000 from $750,000 in the quarter.
Analysts expected, on average, a loss of 48 cents per share, according to FactSet.
Supernus said in late June the FDA gave a tentative approval for Trokendi XR. Final approval, which will allow Supernus to sell the drug as an epilepsy treatment, depends on whether it can resolve "a marking exclusivity issue" tied to a specific pediatric population, the company has said.
Trokendi XR is an extended-release version of the epilepsy treatment known generically as topiramate. It's designed to be taken once a day, while the older medication must be taken several times daily.
Selling, general and administrative expenses for Supernus climbed to $4.6 million from $1.9 million in last year's quarter, due mainly to the company's drug launch preparations. Supernus plans to launch the drug in next year's third quarter.
The company said it had $76.4 million in cash, cash equivalents and unrestricted marketable securities as of June 30, which should be able to fund operations through next year's second quarter.
Supernus has no products on the market. It is also developing potential treatments for attention-deficit hyperactivity disorder and depression.