La Jolla-based Sophiris Bio Inc., a clinical stage biopharmaceutical company developing products for the treatment of urological diseases, announced its third quarter financial results.
The company reported that research and development expenses were $6.7 million for the three months ended Sept. 30, 2014, compared to $2.1 million for the three months ended Sept. 30, 2013. The increase in R&D costs was attributed to an increase in the costs associated with the company’s Phase 3 clinical trial of PRX302, which started enrollment in October 2013.
The lead drug candidate, PRX302 is designed to treat the symptoms of benign prostatic hyperplasia (enlarged prostate) and localized low- to intermediate-risk prostate cancer.
Sophiris reported a net loss of $8.2 million for the third quarter of 2014 compared to a net loss of $3 million for the same quarter last year.
The company stated that it has $29.1 million in cash, cash equivalents and securities available for sale and net working capital of $25.3 million.