Arena Pharmaceuticals Inc. said Wednesday its first-quarter loss widened on an increase in research and development costs and general and administrative expenses.
The company reported a loss of $55 million, or 75 cents per share, compared with a loss of $32.4 million, or 53 cents per share, in the prior-year period.
Revenue plunged 47 percent to $2.6 million from $4.9 million in the year-ago period.
Analysts surveyed by Thomson Financial expected a loss of 67 cents per share on revenue of $3 million.
Arena said its research and development costs in the quarter jumped 33 percent to $47.6 million. The company said the increase was due to development of its late-stage obesity drug candidate lorcaserin.
General and administrative costs rose to $8.9 million from $4.9 million.
Shares of Arena fell 6 cents to $5.50 in after-hours trading. The stock earlier finished regular trading unchanged at $5.56.
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