Rockwell Medical Inc. reported that gross profit for the first quarter of 2014 increased 31% to $1.7 million, compared to the same quarter last year. Revenue for the first quarter of 2014 increased 5.1% to $13 million. Research and development expenses decreased a 64% to $4.6 million.
Included in the R&D expense was a $2.2 million new drug application fee for the marketing and sale of Triferic (soluble ferric pyrophosphate citrate), the company's iron-replacement drug for chronic kidney disease patients receiving hemodialysis.
Rockwell reported a net loss of $7.8 million, or $0.20 per share, which was a $7.6 million or 49% improvement compared to a net loss of $15.4 million, or $0.72 per share in the first quarter of 2013.
"The submission of our Triferic NDA during the first quarter represents a major milestone for the company," said Mr. Robert L. Chioini, founder, chairman and CEO of Rockwell. "This NDA submission is the culmination of consistent, positive efficacy and safety results achieved across the entire Phase 3 Triferic clinical study program and it brings us much closer to the potential U.S. commercial launch of Triferic."
Sales for the company's dialysis concentrate CitraPure also continued to grow. "First quarter CitraPure sales increased 428% and units shipped increased 566% over a year ago," Chioini said during a conference call."We expect CitraPure will continue to capture both new and current sales."