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Chimerix Earnings a Disaster (CMRX)

Wednesday, Chimerix, Inc (NASDAQ: CMRX) announced earnings that widely missed analyst expectations.

The company reported an EPS loss of $(0.91) versus consensus of $(0.40), missing by $0.51. Revenue was reported at $808,000–the street expected $1.91 million. R&D costs decreased to $6.3 million this quarter versus $9.1 million in 2012 and interest expenses were $415,000 compared to $128,000 in 2012. Chimerix’s balance sheet at June 30, 2013 included $123.0 million in cash, cash equivalents and short-term investments, $12.7 million in debt and $25.8 million outstanding shares of common stock.

Other highlights include:

  • Phase 3 SUPPRESS trial of CMX001 for the prevention of cytomegalovirus (CMV) in hematopoietic cell transplant (HCT) recipients is on track to begin dosing in the third quarter of 2013;
  • Announced top line data from Study 202 of CMX001 as a preemptive therapy for adenovirus (AdV) infection in HCT recipients (premarket today in a separate release);
  • Announced that data from AdV Study 202 has been accepted for late-breaker presentation at upcoming 53rd Annual Interscience Conference on Antimicrobial Agents and Chemotherapy (ICAAC) on September 10th (premarket today in a separate release);
  • Extended contract with the Biomedical Advanced Research and Development Authority (BARDA) into the first option segment providing up to $5 million for the continued development of CMX001 as a potential medical countermeasure against smallpox;
  • Elected Rodman L. Drake to the Board of Directors.

But the company announced, in a separate release, that Phase II studies CMX001, used to treat adenovirus infection, showed positive results.

[stock-tools exchange="NASDAQ" symbol="CMRX" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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