November 7, 2018

Achillion narrows losses in 3Q

Photo Contributed
Photo Contributed
Achillion Pharmaceuticals is headquartered at 300 George St. in New Haven.

New Haven's Achillion Pharmaceuticals Inc. on Wednesday reported a $15.9 million loss in its third quarter, or a loss of 12 cents on a per-share basis. The company's 3Q 2018 loss was down compared to a loss of $19.3 million during the same period of 2017.

Headquartered at 300 George St., Achillion is a clinical-stage biopharmaceutical company focused on development and commercialization of treatments based on oral factor D inhibitors.

Achillion CEO Joe Truitt, who took the helm earlier this year, said his priorities have been installing his own leadership team, with new faces in roles as COO, chief medical officer, chief business officer and senior VP for regulatory affairs. CFO Mary Kay Fenton has decided to leave Achillion at the end of 2018 after 18 years with the company.

"We continue to build development capabilities and therapeutic area expertise as we advance Achillion from a discovery and early-stage development organization to a patient-focused, late-stage development company. We have made these changes while reducing overall headcount and our projected cash-burn rate for the full year 2018 to less than $65 million," Truitt said.

The company also announced progress in clinical trials for ACH-4471, a medication designed to treat paroxysmal nocturnal hemoglobinuria (PNH) and C3 glomerulopathy (C3G).

"We believe our innovative and differentiated factor D inhibitors have the potential to address unmet medical needs in patients with PNH and C3G as well as additional complement mediated diseases, together representing significant value-creation opportunities," Truitt said.

Achillion's research and development expenses were posted at $13.1 million for 3Q 2018, compared with $15.6 million for the same period in 2017. The company said it expects that R&D expenses will rise in the fourth quarter due to increased clinical trial activity.

The company's shares closed at $2.95 on Tuesday, but rose sharply after the opening bell to $3.08 by 11 a.m. on Wednesday. A year ago, shares traded at $4.

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