In the second quarter, Horizon Pharma Inc. reported losses worth $11.6 million. This was the last quarter before which the initial public offering of last month stock ended.
As compared to a net income of $6.9 million, or 56 cents per share, in the same quarter of 2010, the loss incurred by the arthritis-treatment developer is equivalent to $7.78 per share. Loss for the latest quarter was $8.3 million, or $5.54 per share, excluding certain items. Europe sales of Lodotra, which is the chief revenue generator, declined20 percent to $1.3 million. Lodotra decreases stiffness associated with rheumatoid arthritis, and is low-dose dosage form of prednisone.
Based in Northbrook, Ill., Horizon completed the quarter with cash and cash equivalents amounting to $5.8 million.
With the end of the quarter, the initial public offering of stock raised $49.5 million. Last month, Horizon Pharma started trading on the Nasdaq with each share costing $9, which was below the anticipated $10-12 range.
In Wednesday afternoon trading, Horizon shares were flat at $8, while broader indexes did not increase more than 1 percent.