New Haven drug maker reports $6.4M 3Q loss

Achillion Pharmaceuticals Inc., a New Haven developer of small-molecule drugs to treat blood-borne diseases, lost $6.4 million in the third quarter, almost equal the amount lost the same period last year.

Achillion lost $6.7 million in the three months ended Sept. 30 a year ago.

The difference, said President Michael Kishbauch, is that the company has moved a step closer in clinical trials to showing that its protease inhibitor for treating hepatitis C works.

Despite the loss, Achillion has cash and cash equivalents available to finance operations totaling $15.3 million as of Sept. 30.

Revenues in the third quarter were a negative $54,000, due to overpayments to Achillion's research partner, Gilead Sciences, the company said. Revenues were $25,000 in the 2008 third quarter.