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SOUTH SAN FRANCISCO, Calif. - Biotech drug developer Hana Biosciences said Tuesday it posted a slimmer first-quarter loss due to lower costs.
| HNAB | 0.53 |  -0.04 |
The company lost $6.3 million, or 19 cents per share, compared with a loss of $8.2 million, or 28 cents per share, a year ago. The company booked no revenue during the quarter.
Analysts surveyed by Thomson Financial expected a wider loss of 21 cents per share.
Expenses during the quarter fell 28 percent to $6.2 million.
The company had about $14 million in cash, cash equivalents, and short-term investments as of March 31.
During the quarter, the company finished an early-stage study on its cancer treatment candidate Alocrest.
Shares of Hana rose 2 cents to close at 90 cents.
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