Endocyte Loss Widens
West Lafayette-based Endocyte Inc. (Nasdaq: ECYT) is reporting a first quarter net loss of $11.5 million, compared to a net loss of $10.2 million during the same period the previous year. The company says the loss is largely due to an increase in research and development expenses.
The biopharmaceutical company said little about the earnings report, but provided updates on two of its small molecule drug conjugate programs. The SMDCs are undergoing clinical trials with prostate cancer and lung cancer patients.
"We look forward to providing safety and efficacy updates for our clinical trials at the Annual Meeting of the American Society of Clinical Oncology next month," said Mike Sherman, chief executive officer of Endocyte. "In addition, we continue to discover compelling applications of the SMDC platform and are working to more rapidly bring assets toward clinical development in several exciting areas, to drive more value from our pipeline.
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