OncoMed Pharma Q3 Loss Narrows

(RTTNews) - OncoMed Pharmaceuticals, Inc.(OMED) posted third-quarter net loss of $3.5 million, narrower than $3.7 million last year. On a per share basis, net loss available to common stockholders was $0.15 per share, compared with loss of $3.45 per share a year ago.

Four analysts polled by Thomson Reuters expected the company to report a loss of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.

Collaboration revenues for the latest third quarter were $12.9 million, up from $7.7 million in the third quarter of 2012. This increase was primarily due to a $10 million milestone payment from Bayer received in August 2013, offset by the August 2012 milestone payment from GSK for the Investigational New Drug application filing for OMP-52M51.

Research and development expenses for the third quarter of 2013 were $13.1 million, compared to $9.5 million for the third quarter of 2012.