Biopharmaceutical company Intec Pharma LTD (NASDAQ:NTEC) (TASE:NTEC) stated on Wednesday its net loss of USD18.9m (USD1.27 per share) for nine-month period ended 30 September 2017.
This marks a decline in earnings when compared with a lower net loss of USD9.7m (USD0.85 per share) in the same period in 2016.
Research and development expenses (R&D), net, of USD15.4m was recorded for the nine-month period ended 30 September 2017, a rise 93% over the R&D of USD8.0m in the comparable period in the preceding year.
The increase in R&D was primarily due to increased activity in the company's Phase III clinical trial for AP-CD/LD, payroll and related expenses and a decrease in the Israeli National Authority for Technological Innovation's, or NATI, participation in research and development expense as it decided not to accept NATI grant.
As of 30 September 2017, the company reported cash and cash equivalents and financial assets at fair value through profit or loss of approximately USD64.7m.
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