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UPDATE 2-XenoPort posts narrower-than-expected Q4 loss
February 22, 2010 / 9:35 PM / 8 years ago

UPDATE 2-XenoPort posts narrower-than-expected Q4 loss

* Q4 loss/shr $0.60 $ vs est loss/shr $0.81

* Revenue falls 45 pct to $5.8 mln

* Shares up 5 pct in after-market trade (Adds conference call details, share movement)

Feb 22 (Reuters) - Biopharmaceutical company XenoPort Inc XNPT.O posted a narrower-than-expected quarterly loss, helped by lower research and development expenses, and said it has enough cash to fund planned development activities into the third quarter of 2011.

Last week, the U.S. Food and Drug Administration denied approval for XenoPort’s Horizant, a drug for restless leg syndrome, because of a potential link to cancer found in testing on rats. [ID:nN17134046]

On a conference call, the company said it is not in a position to provide cash burn outlook given the current uncertainty around the path forward for the Horizant new drug application.

“If you put the financial impact of the potential future commercial operations aside for the moment, we believe that our cash should be sufficient to fund our currently planned development activities into the third quarter of next year,” President William Rieflin said.

As of Dec. 31, 2009, XenoPort had cash and cash equivalents and short-term investments of $143.7 million.

For the fourth quarter, the company reported a net loss of $18.3 million, or 60 cents a share, compared with a loss of $18.7 million, or 74 cents, a year ago.

Revenue fell 45 percent to $5.8 million.

Analysts on average expected a loss of 81 cents a share, excluding special items, on revenue of $2.4 million, according to Thomson Reuters I/B/E/S.

For the quarter, research and development expenses fell 25 percent to $16.7 million, due to decreased development activities and pre-clinical programs.

Shares of the Santa Clara, California-based company were up 48 cents to $9.53 in pre-market trade. They closed at $9.05 Monday on Nasdaq. (Reporting by Anand Basu in Bangalore; Editing by Maju Samuel)

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