West Lafayette-based Endocyte Inc. (Nasdaq: ECYT) is reporting a third quarter net loss of $12.6 million, compared to a net loss of $23.3 million during the same period a year earlier. The biopharmaceutical company is in the midst of a proposed $2.1 billion acquisition by Switzerland-based Novartis AG, which is expected to close in the first half of next year. The deal is considered the largest of its kind ever for an Indiana life sciences company.
Chief Executive Officer Mike Sherman says "the team at Endocyte has always been passionate about developing innovative therapies to help change the treatment landscape for cancer patients, and we look forward to being able to leverage Novartis’ global expertise and commitment to help realize this mission."
The company’s research and development expenses more than doubled to $8.9 million in the quarter, compared to the third quarter last year. Endocyte expects cash, cash equivalents and investments balance at the end of the year to be greater than $310 million.
You can connect to more about the company’s third quarter results by clicking here.