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QLT reports operating loss for first quarter

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QLT announced an operating loss of $7.8 million for the first quarter of 2014, a $600,000 increase from the same period in 2013, according to a news release. The increase was mainly attributed to more research and development spending.

Loss per share from continuing operations was $0.13, equal to the loss reported in the first quarter of 2013.

Research and development expenses related to the company’s synthetic retinoid program totaled $4.8 million for the first quarter, compared with $4.1 million in 2013. The increase was attributed to costs related to ongoing toxicity studies and a pivotal trial.

Sales, general and administrative expenses totaled $2.2 million, up $100,000 from the same period in 2013. The increase was mainly attributed to fees related to the exploration of strategic alternatives.

Investments and other income totaled $1.5 million, an increase of $700,000 over the first quarter of 2013. The increase was mainly related to gains in fair value exchanges.