Transition Therapeutics Q3 net loss increases

Fri. May 15, 2009; Posted: 09:08 AM

May 15, 2009 (Datamonitor via COMTEX) -- TTHI | Quote | Chart | News | PowerRating -- Canadian biopharmaceutical company Transition Therapeutics has reported a net loss of C$5.74 million, or C$0.25 per common share, for the third quarter of fiscal 2009, compared to a net loss of C$4.98 million, or C$0.22 per common share, for the corresponding period of fiscal 2008.

The increase in net loss of C$761,795 or 15% for the three-month period ended March 31, 2009 is primarily due to a decrease in interest income, the loss on the sale of the SCT shares, and increases in both R&D and general and administrative expenses, the company said.

For the nine-month period ended March 31, 2009, the company recorded a net loss of C$15.64 million, or C$0.68 per common share, compared to a net loss of C$10.63 million, or C$0.46 per common share, for the nine-month period ended March 31, 2008.

The increase in net loss of C$5.02 million or 47% for the nine-month period ended March 31, 2009 is primarily due to an increase in R&D expenses relating to the ELND005 (AZD-103) program and increases in general and administrative expenses. The increase in net loss is also attributed to decreases in revenue, interest income and gain on note receivable.

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