Akebia Therapeutics (AKBA) saw its loss widen to $44.54 million, or $1.15 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $25.80 million, or $0.70 a share. Revenues for the quarter were $20.86 million. The company has not recorded any revenues for the previous year period.
Operating loss for the quarter was $44.97 million, compared with an operating loss of $26.05 million in the previous year period.
"Our team at Akebia continues to execute on our goals in 2017, as we advance the Phase 3 program for vadadustat and expand our pipeline," said John P. Butler, president and chief executive officer of Akebia. "We established two major collaborations with Otsuka Pharmaceutical in the last four months that support our global development program for vadadustat and drive long-term value for Akebia. The Otsuka agreements, coupled with an earlier collaboration with Mitsubishi Tanabe, provide for $573 million or more in committed capital and a total potential deal value of $2.2 billion plus royalties ranging from mid-single digit to tiered double digit. We believe that the strength of our collaborations is a testament to the potential of vadadustat to change the standard of care for patients with anemia associated with chronic kidney disease. With cash plus committed development funding of over $600 million, Akebia is in a very strong financial position."
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