The Basel biotechnology group, Actelion, made a loss of SFr9.1 million ($5.21 million) in the first quarter. The company on Tuesday reported higher expenses in the preparation for market entry of its first drug.

In a statement, Actelion said that delays in the clinical development of Veletri, used in the treatment of acute heart failure, would lead to additional expenses for more clinical trials later this year.

Last month, company shares lost more than half their value after it was disclosed that the group had run into problems in the drug's trial phase.

Actelion and United States-based Genentech reported then that a Phase III trial of Veletri showed it did not meet the primary treatment objectives.

The results from the second phase of the critical Phase III showed that Veltri "didn't meet its primary objective of significantly improving symptoms" of dyspnea - or shortness of breath - associated with acute heart failure, the companies said in a joint statement.

The results contrasted with those of an earlier trial which showed significant improvements in blood flow and dyspnea.

Actelion spokesman Roland Haefeli called the results "puzzling", given they seemed to contradict the findings of the earlier trial.

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