November 15, 2010 / 10:26 PM / in 8 years

UPDATE 1-Tekmira Q3 loss wider-than-expected as expenses rise

* Q3 loss/shr C$0.26 vs est loss/shr C$0.20

* Revenue up 3-fold

Nov 15 (Reuters) - Tekmira Pharmaceuticals’ TKM.TO TKMR.O posted wider-than-expected quarterly loss, hurt mainly by higher research and development costs.

Third-quarter net loss was C$2.7 million, or 26 Canadian cents a share, compared with a loss of C$2.8 million, or 27 Canadian cents a share, a year ago.

Analysts on an average had forecast a loss of 20 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose three-fold to C$10.4 million, helped by a license fee amendment payment from Hana Biosciences.

Research, development, collaborations and contracts expenses rose 18 percent to C$5.2 million, mainly due to its TKM-Ebola program to develop a treatment for diseases caused by ebola virus.

Vancouver-based Tekmira expects to file an investigational new drug application for TKM-Ebola in the second half of 2011 to initiate a phase 1 clinical trial, it said in a statement.

Tekmira said it was eligible to receive up to $34.7 million over the next three years from the U.S. government’s transformational medical contract for TKM-Ebola drug, worth up to $140 million.

The company’s shares have gained 23 percent since partner Alnylam Pharmaceuticals (ALNY.O) granted the company a license to develop the RNAi therapeutic for the treatment of Ebola virus infection on Nov 4.

Tekmira’s shares closed at C$7.02 on Monday on the Toronto Stock Exchange. They closed at $7.04 on Nasdaq, on which it made its debut. (Reporting by Gowri Jayakumar in Bangalore; Editing by Prem Udayabhanu)

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