Shares of BioPharmX (NYSE American: BPMX), a Silicon Valley-based pharmaceutical group specializing in dermatological products, picked up steam in pre-market trade after reporting a narrowing of its net loss in its fiscal first-quarter.
Investors also seemed enthused by BioPharmX’s report that it regained compliance with NYSE American’s continued listing standards as of June 1.
In pre-market trade, BioPharmX’s shares climbed 5.6% to US$0.26.
For the three months until April’s close, BioPharmX recorded a net loss of US$0.02 per share or US$4.4mln, which was a better show than analysts’ expected forecast of a loss of US$0.03 per share.
In the year-ago first fiscal quarter, BioPharmX lost US$0.08 per share or US$5.4mln.
The company’s cash and cash equivalents came to US$10.9mln at the close of April.
BioPharmX’s two lead drug treatments are BPX-01, which treats acne, and BPX-04, which fights rosacea. The acne drug has completed Phase 2b studies and is preparing for Phase 3 trials while the rosacea treatment is still preparing for Phase 2 trials.