Drug developer Novavax Inc. (NASDAQ: NVAX) said its third-quarter loss narrowed slightly on lower expenses following staff cuts and other cost cutting, according to Associated Press.
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Novavax lost $7.5 million, or 8 cents per share, compared with a loss of $7.8 million, or 12 cents per share, during the same period a year prior. Revenue rose 3.6 percent to $201,000 from $194,000.
Analysts polled by Thomson Reuters expected a loss of 9 cents per share.
Operating costs and expenses fell 15 percent to $8.5 million.
The company is currently developing a pandemic and seasonal flu vaccine.
Shares of Novavax fell 14 cents, or 3.5 percent, to $3.89 in midday trading. The stock has traded between 52 cents and $7.79 over the last 52 weeks.
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