NEEDHAM - The cancer drug developer Celldex Therapeutics Inc. reported a narrower second-quarter loss as revenue edged higher and operating costs decreased.
The company said it lost $8.7 million, or 55 cents per share, compared with a loss of $10.3 million, or 67 cents per share, a year ago. Revenue increased 37 percent to $2.7 million, due to greater royalties and product development and licensing revenue.
Analysts expected a loss of 47 cents per share and $3.4 million in revenue, according to a Thomson Reuters survey.
Celldex said it cut general and administrative costs to $3.5 million from $4.6 million a year ago. Research and development expenses increased to $7.8 million from $7.6 million.