updated 5/10/2010 9:21:42 AM ET 2010-05-10T13:21:42

Novavax said Monday its first-quarter loss grew it ramped up research and development spending for flu vaccines.

Operating expenses rose 62 percent to $11.6 million, largely because the company doubled research spending. Novavax is developing vaccines for swine flu and for other flu strains and respiratory diseases. Its products are several years away from reaching the market, and results edged out most expectations on Wall Street.

Novavax lost $11.4 million, or 11 cents per share, compared with a loss of $8.3 million, or 12 cents per share in the year-ago quarter. The company had about 31.3 million additional shares of common stock during the most recent quarter.

Revenue, however, rose to $110,000 from $21,000.

Shares of Novavax Inc. jumped 8 percent to $2.54 in premarket trading.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.94%
$30K home equity loan FICO 5.19%
$75K home equity loan FICO 4.58%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.40%
13.40%
Cash Back Cards 17.92%
17.91%
Rewards Cards 17.12%
17.11%
Source: Bankrate.com