Dova Pharmaceuticals Inc, a pharmaceutical company focused on drugs for rare diseases, reported a fourth quarter net loss higher than the same time period a year ago, primarily due to higher expenses, according to a filingfrom the Securities and Exchange Commission.
Dova reported a net loss of $9.3 million for the fourth quarter, compared to its net loss of $7.6 million for the same period in 2016. The net loss of 36 cents per share was higher than analyst estimates of a net loss of 34 cents per share.
General and administrative expenses were $6.5 million in the fourth quarter of 2017, compared to $558,000 of the same period in 2016. The increase was primarily due to Dova building a commercial infrastructure to support the launch for avatrombopag.
A new drug application for avatrombopag. which treats thrombocytopenia in patients with chronic liver disease, was accepted and granted priority review by the U.S. Food and Drug Administration in the fourth quarter.
“This designation represents a validation of the need for a novel therapy for the more than 70,000 CLD patients with severe thrombocytopenia in the United States,” said Chief Executive Officer Alex Sapir in a statement. “Dova remains focused on gaining FDA approval for avatrombopag and developing the commercial infrastructure to support the potential launch of the product.”
Research and development expenses in the quarter declined to $2.7 million from $6.9 million in the fourth quarter of 2016.
Dova focuses on acquiring, developing, and commercializing drug candidates for rare diseases where there is a high unmet need. The company has an initial focus on addressing thrombocytopenia.
The company has announced plans to submit a new drug application in the second half of 2018 for the treatment of patients with immune thrombocytopenic purpura and to initiate a Phase 3 clinical trial in the second quarter of 2018.
For the full year of 2017, Dova reported a net loss of $30 million compared to a loss of $27.2 million in 2016.
Dova’s shares rose $1.04, or 3.1 percent, to $34.94 in Friday afternoon trading.