May 10, 2012 | last updated June 1, 2012 2:27 pm

CT's Achillion Pharma narrows 1Q loss

New Haven's Achillion Pharmaceuticals Inc. poured millions more in the first quarter into developing treatments for blood-borne diseases such as hepatitis C and HIV, but also opened channels into other potentially promising treatments.

For three months ended March 31, Achillion's research and development expenses led to a net loss of $9.1 million, or 13 cents a fully diluted share, narrower than the $10.1 million, or 17 cents a share, lost the same period a year earlier.

First-quarter revenues rocketed to $2.5 million vs. $65,000 last year, the result, it said, of recognition of deferred revenue under Achillion's past collaboration with Gilead Sciences Inc., which has operations in Branford.

To finance its continuing R&D and drug trials, Achillion finished the quarter with cash and marketable securities of $70 million vs. $80 million a year ago.

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