Shares of Kythera Biopharmaceuticals Inc. popped nearly 9 percent on Friday after the company announced in its earnings statement that it planned to seek approval to sell its first pipeline drug in foreign countries.
The Westlake Village drug research company reported a net loss of $19.5 million (-96 cents a share) for the quarter ended June 30, compared to a loss of $12.3 million (-67 cents) for the same quarter last year.
The company does not have any revenue because it has no drugs on the market.
However, during the quarter the company submitted an application to the Food and Drug Administration to have its main pipeline drug, a treatment for fat under the chin, approved. It now plans to seek approval outside the United States.
“The FDA has determined the application is sufficiently complete to permit a substantive review,” said Chief Executive Keith Leonard said in a statement. “Additionally, we plan to make multiple ex-U.S. regulatory submissions by the second quarter of 2015.”
Kythera announced the financial results after the market closed Thursday. Shares closed Friday up $2.86, or 8.5 percent, to $36.46 on the Nasdaq.
Salem Communications Corp. announced a 14 percent rise in revenue during the second quarter, but its net income plummeted due to acquisition costs.
The Camarillo company, which owns Christian and conservative radio stations, websites and publishing operations, reported net income of $1.26 million (5 cents a share) for the quarter ended June 30, compared to net income of $5.2 million (20 cents) for the same period last year. Revenue grew 14 percent to $68.6 million.
The one analyst who follows the company expected net income of 17 cents on revenue of $68.6 million, according to Thompson Financial Network.
The company noted it spent $4.6 million during the quarter to acquire three radio stations and some radio equipment.
The company announced its results after the market closed Thursday. Shares closed Friday down 41 cents or 4.8 percent to $8.22 on the Nasdaq.
Signature Holdings Inc. dramatically cut its losses in the second quarter as it decreased selling, interest and administrative costs.
The Sherman Oaks investment company posted a net loss of $502,000 (-4 cents a share) for the quarter ended June 30, compared to a net loss of $1.9 million (-16 cents) for the same period last year. Revenue increased 7 percent to $10 million.
No analysts follow the company.
The company trimmed its costs of selling, interest and administration by $3.1 compared to the second quarter a year ago.
Signature released its results after the market closed Thursday. Shares closed Friday up 1 cent or less than 1 percent to $8.99 on the over-the-counter market.