Zai Lab Ltd. (Nasdaq: ZLAB) said its loss per share during the first six months narrowed from the same time last year, sending its stock to inch up 8 cents in early trading to 22.73 per American depositary share Thursday.
The Shanghai-based biopharma company said its net loss during the first half increased to $41.5 million from a loss of $24.4 million posted for the same time a year ago. Loss per share, however, decreased to 83 cents compared with a loss of $2.30 per share for the same period in 2017.
“The first half of 2018 has been a period of tremendous progress for Zai Lab, marked by the continued advancement of our clinical programs, expansion of our therapeutic pipeline, preparation for our commercial launch and strengthening of our management team,” Samantha Du, Zai Lab’s chief executive officer, said in a statement today.
“The past six months also marked the exciting transition of Zai Lab to a commercial stage company,” Du added.
Zai Lab also said it plans to launch niraparib, a drug for treating ovarian cancer, in the Hong Kong market within a few months. Several more clinical trials are scheduled for the second half of the year, with the goal to establish the drug as “the leading PARP inhibitor in China,” Du said.
The company’s research and development expenses were up 66 percent year-over-year at $34.6 million for the first six months. General and administrative expenses were $6.4 million, up from $4 million a year ago.
The firm also announced the appointment of William Liang as Zai Lab’s chief commercial officer and Yong-Jiang Hei as its chief medical officer for oncology.
Shares in Zai Lab spiked in early trading Thursday, then retreated to $22.73 per share, up 8 cents.
(Source: Thomson Reuters Eikon)