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NeurogesX posts wider 4th-quarter loss

Thu, 03/18/2010 - 1:17pm
The Associated Press

NeurogesX Inc. on Thursday said its fourth-quarter loss widened as the biotechnology company spent more, preparing to launch its Qutenza pain patch.

In November, the Food and Drug Administration approval Qutenza as a treatment for nerve pain associated with postherpetic neuralgia. NeurogesX said it is almost finished hiring a sales team and it plans to launch the product in April.

The company lost $5.1 million, or 29 cents per share, in the fourth quarter. In the same period a year earlier, it recorded a loss of $4.8 million, or 27 cents per share.

NeurogesX reported $1.9 million in collaboration revenue during the most recent quarter. It did not have any revenue the year before.

NeurogesX said its selling, general, and administrative expenses climbed to $4.2 million from $2.2 million during the fourth quarter, and research and development spending edged higher.

For the full year, the company narrowed its loss to $21.9 million, or $1.24 per share, from $26 million, or $1.49 per share. It posted $2 million in revenue in 2009.

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