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SMALL BUSINESS
Cypress Bioscience takes bigger loss as costs rise
AP
SAN DIEGO -Cypress Bioscience Inc. posted a larger third-quarter loss Monday due to the costs involved with launching its fibromyalgia drug Savella, which was approved earlier this year.
Cypress recorded a loss of $5.5 million, or 14 cents per share, compared with a loss of $4.1 million, or 11 cents per share, in the same quarter a year earlier. Revenue rose to $6.1 million from $979,000. Most of that came from royalty revenue or sales force reimbursement on sales of Savella, which is marketed by Forest Laboratories.
Thomson Reuters says analysts expected a loss of 21 cents per share and revenue of $5.7 million.
Cypress said its administrative expenses more than doubled to $9.9 million from $4.1 million.
Cypress reported no commercial revenue a year ago. All its revenue came from collaborative agreements.
In afternoon trading, shares of Cypress fell 78 cents, or 11.5 percent, to $6. The stock has ranged from $4.98 to $10.10 over the past year.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-11-09 14:49:14
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