08:13 AM EST, 11/13/2024 (MT Newswires) -- Satellos Bioscience ( MSCLF ) , which is developing medicines to treat degenerative muscle diseases, said its third-quarter net loss widened.

The company said the net loss widened to $9 million, or $0.08 per share, from a net loss of $3.6 million, or $0.03 per share, last year.

The wider loss was a result of higher research and development expenses related to the initiation of a Phase 1 clinical trial, higher headcount and R&D activities associated with the company's drug compound SAT-3247.

Satellos has completed enrollment for SAT-3247 in Duchenne muscular dystrophy (DMD) in the first three of five single-ascending dose cohorts, with no safety concerns. The company has initiated enrollment of its first multiple-ascending-dose cohort.