Two leading L.A. biotech companies reported third-quarter losses Thursday, while announcing increased sales of cancer treatments.
NantHealth Inc., of Culver City, reported a third-quarter net loss of $42.4 million (37 cents a share), compared to a net loss of $36.9 million (37 cents) in the same quarter a year earlier.
Revenue for the biotech firm controlled by billionaire Patrick Soon-Shiong rose 5 percent to $21.8 million.
Sales of its flagship GPS Cancer genetic test rose to 547 tests in the third quarter ending Sept. 30 from 379 in the second quarter, a 44-percent increase. Test orders in October hit a month record of 204 tests.
Puma Biotechnology Inc., of West Los Angeles, reported third-quarter net loss of $77.2 million ($2.07 a share), compared to a net loss of $65.8 million ($2.02) in the same quarter a year earlier.
Revenue for the biotech firm founded by Alan H. Auerbach was $6.1 million, fueled by initial sales since July of its Nerlynx cancer drug for early stage HER2-positive breast cancer.
Shares of NantHealth rose nearly 3 percent upon closing Thursday to $3.50. Shares of Puma Biotechnology fell 4 percent to $127.20.
Health business reporter Dana Bartholomew can be reached at firstname.lastname@example.org. Follow him on Twitter @_DanaBart.