UPDATE 1-Theravance posts narrower-than-expected Q1 loss

* Q1 loss/shr $0.31 vs est loss of $0.35

* Q1 R&D expenses fall 27 pct

April 22 (Reuters) - Drug developer Theravance Inc (THRX.O), posted a narrower-than-expected quarterly loss, helped by a 27 percent fall in research and development expenses.

For the first quarter, the company posted a net loss of $19.2 million, or 31 cents a share, compared with a net loss of $29.8 million, or 49 cents a share, a year earlier.

Revenue rose nearly 70 percent to $9.5 million, boosted by the recognition of deferred revenue after a program related to its compound for a lung disease was returned to it by GlaxoSmithKline (GSK.L).

Analysts, on an average, were expecting a loss of 35 cents a share, before special items, on revenue of $6.0 million, according to Reuters Estimates.

Research and development expenses stood at $19.6 million for the quarter.

Shares of the California-based company closed at $14.58 Wednesday on Nasdaq.

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For the company press release, double-click [ID:nMKW93769a] (Reporting by Vidya L Nathan in Bangalore; Editing by Deepak Kannan)