* Amends agreement with Glaxo over Horizant
* Says reacquired Horizant's outside-U.S. rights
* Revises financial terms with Glaxo over Horizant
* Q3 loss/shr $0.65, in line with Street
Nov 8 Biopharmaceutical company XenoPort Inc
XNPT.O amended an agreement with GlaxoSmithKline (GSK.L) for
the development of its drug to treat restless legs syndrome
XenoPort has reacquired all rights to the drug, Horizant,
outside of the United States from GlaxoSmithKline. The
amendment also revises the financial terms, including potential
milestone payments, related to the drug.
In February, the U.S. Food and Drug Administration declined
to approve Horizant because of a potential link to cancer found
in rats. [ID:nN17134046]
XenoPort also reported a third-quarter loss that was in
line with market estimates.
July-September net loss came in at $19.9 million, or 65
cents a share, compared with a loss of $24.4 million, or 81
cents a share, a year ago.
Revenue remained unchanged at $400,000.
Analysts on average expected the company to post a loss of
65 cents a share, on revenue of $675,400, according to Thomson
Shares of Santa Clara, California-based XenoPort closed at
$8.01 on Friday on Nasdaq.
(Reporting by Anand Basu in Bangalore; Editing by Unnikrishnan