Abraxis BioScience Inc. on Thursday said that its first-quarter net loss fell 87 percent as sales of its cancer drug Abraxane picked up steam.

The West Los Angeles biotech reported a net loss of $3 million (-7 cents per share), compared with $22.9 million (-14 cents) a year earlier.

Net revenue rose 53 percent to nearly $111 million, with Abraxane sales up 25 percent to $87.9 million and the company’s raw drug material subsidiary contributing $23 million. The company gained a controlling stake in the company during the quarter.

Adjusting for one-time items, net income was $8.76 million (22 cents) compared with a year-ago loss of $5.61 million (-14 cents). Research and development costs rose 3.4 percent to $33.4 million, primarily due to a milestone payment, additional spending on late stage Abraxane clinical trials for pancreatic cancer and melanoma

“We anticipate our clinical activities and continued global expansion to generate additional value for shareholders,” said Chief Executive Bruce Wendel in a statement.

Shares closed down $1.53, or 3 percent, to $47.32 on the Nasdaq.