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EyeGate reports $2.9 million quarterly loss

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EyeGate Pharmaceuticals reported a net loss of $2.9 million in the first quarter of 2017 compared with a net loss of $2.4 million in the same quarter of 2016.

Revenue was $0.19 million for the quarter, and research and development costs were $1.8 million compared with no revenue in 2016’s first quarter and research and development costs of $0.9 million, according to a company press release.

The company reported it had cash and cash equivalents of $5.4 million as of March 31 compared with $3.6 million as of Dec. 31, 2016, an increase attributed to an upfront payment EyeGate received under a Valeant licensing agreement and $1.8 million in net proceeds from its sale of shares under an “at the market” agreement.