EARNINGS: CytRx, Kennedy WilsonWednesday, August 6, 2014
CytRx Corp. and Kennedy Wilson Holdings were among firms reporting earnings.
Los Angeles pharmaceutical company CytRx Corp. on Wednesday reported a deeper net loss alongside optimism that its efforts to develop drugs for cancer treatments are going well.
CytRx reported a net loss of $15.7 million (28 cents a share) for the quarter ending June 30, compared with a $3.4 million loss one year prior.
CytRx had no revenue for the past quarter, compared with $200,000 during the same three-month period in 2013. The company’s research and development expenses grew from $4.6 million to $10.4 million.
The company’s projects include Aldoxorubicin, being developed as a possible treatment for a set of diseases called soft tissue sarcoma. Testing revealed that the medication improves patients’ progression free survival and tumor shrinkage. CytRx also plans to open a laboratory in Germany on Oct. 1.
Shares on Wednesday fell 20 cents, or 6 percent, to $3.12 on the Nasdaq.
KENNEDY WILSON HOLDINGS
Kennedy Wilson Holdings of Beverly Hills beat analyst forecasts in earnings reported Wednesday.
Kennedy Wilson Holdings reported adjusted net income of $64.2 million (72 cents a share) for the quarter ending June 30, up 334 percent from $14.8 million one year prior.
Analysts expected earnings of about 1 cent a share.
Revenue increased 153 percent to $92 million.
During the second quarter, Kennedy Wilson earned fees of roughly $26 million on a sale of Dublin properties to Kennedy Wilson Europe Real Estate. The company also made an additional profit of nearly $27 million on the same deal, which was approved by the European division’s shareholders.
Before the earnings were announced Wednesday, shares of Kennedy Wilson closed at $23.75 on the NYSE.