Biotechnology company Affymax Inc. said Wednesday its third-quarter loss narrowed on a boost in payments from its partner Takeda Pharmaceutical on the anemia drug candidate Hematide.
The company lost $18.4 million, or 97 cents per share, compared with a loss of $26.2 million, or $1.72 per share, during the same period a year earlier. Revenue rose 35 percent to $29.2 million from $21.6 million, boosted by its development partnership for Hematide.
Analysts polled by Thomson Reuters expected a loss of $1.23 per share on revenue of $26.1 million.
Operating expenses fell slightly to $47.9 million from $48.1 million.
Affymax has said it plans to ask for Food and Drug Administration approval for Hematide in 2010.
Shares of Affymax fell 2 cents to $20.65 in morning trading.