PORT RICHMOND, Calif. (AP) — Transcept Pharmaceuticals Inc. on Tuesday reported a smaller fourth-quarter loss due to revenue from a previously established marketing agreement for one of its drugs.
The company lost $2.3 million, or 18 cents per share, compared with a loss of $6.1 million, or $13.66 per share, in the prior-year quarter. The number of shares outstanding rose from 448,333 in the fourth quarter of 2008 to 13.4 million, largely accounting for the change in per-share loss.
During the quarter, Transcept generated $3.1 million in license fee revenue. None was recorded in the comparable 2008 quarter. The revenue was generated through a $25 million commercialization agreement with Purdue Pharmaceutical for Transcept's insomnia drug Intermezzo.
On Feb. 22, Transcept said the Food and Drug Administration agreed to review the revised application for the insomnia treatment.
In 2009, the company lost $21.8 million, or $1.79 per share, based on 12.2 million shares outstanding. In 2008 it lost $20 million, or $49.77 per share, based on 401,080 shares outstanding.
Revenue was $5.2 million, compared with none in 2008.
Shares of Transcept fell 5 cents to close at $7.77.