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ARYx Therapeutics 4Q loss narrows on costs

Mon, 03/29/2010 - 9:17am
The Associated Press

ARYx Therapeutics Inc. said Monday that its fourth-quarter loss narrowed on lower research and development expenses as the development-stage biotechnology company completed several studies.

ARYx recorded a quarterly loss of $5.8 million, or 21 cents per share, compared with a loss of $13.1 million, or 57 cents per share, in the same period a year before. The company had no revenue in either period.

Costs and expenses plunged to $5.3 million from $12.5 million, mainly on lower research and development costs. The company's developing products include the anticoagulant tecarfarin and potential heart rhythm drug budiodarone.

For the full year, the company lost $33.2 million, or $1.21 per share, compared with $31.2 million, or $1.65 per share, in 2008. The company had no revenue in 2009, compared with $19.7 million in 2008 from technology license fees.

Shares of ARYx rose 7 cents, or 8.1 percent, to 93 cents in afternoon trading. The stock has ranged from 83 cents to $6.32 over the past year.

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