Pfenex Inc., a clinical-stage biotechnology company that makes biosimilars, including vaccines for anthrax and malaria, reported financial results for the third quarter that ended Sept. 30, 2014.
Total revenue for the third quarter was $2.8 million, up from $2 million in the same quarter last year. The company said the increase in revenue was due to an increased activity with its anthrax and malaria vaccines under government contracts.
Research and development expenses were $1.3 million for the third quarter of 2014 compared to $2 million in the third quarter of 2013. The company said the decrease in R&D expenses was due in part to an increase in development activity by its collaboration partner, the Indian pharmaceutical company, Strides Arcolab Ltd., and resulting decrease in activity by Pfenex of PF530, a biosimilar drug for the treatment of multiple sclerosis.
The company said it expects research and development expense to increase as it advances its lead candidates and pipeline products.
Cash, cash equivalents and short-term investments, excluding restricted cash, was $51.5 million as of Sept. 30, 2014, compared to $5.2 million as of Dec. 31, 2013.