February 12, 2009 / 9:39 PM / in 10 years

UPDATE 1-Theravance posts narrower-than-expected Q4 loss

* Q4 loss/shr $0.26 vs consensus est. -$0.36

* Q4 research and development costs cut in half

Feb 12 (Reuters) - Drug developer Theravance Inc THRX.O posted narrower-than-expected quarterly loss after it cut its research and development costs in half.

For the fourth quarter, the company reduced its research and development costs to $15.2 million, from $30.9 million, a year ago.

Theravance said the cut in expenses were mainly related to lower external development costs on the company’s injectable antibiotic, televancin, and the reduction in workforce that it started in April, last year.

The company posted a net loss of $15.9 million, or 26 cents a share, compared with a loss of $33.1 million, or 54 cents a share, a year ago.

Revenue for the latest quarter rose 5 percent to $5.9 million.

Analysts, on average, were expecting a loss of 36 cents a share, before special items, on revenue of $6.3 million, according to Reuters Estimates.

Theravance shares had closed at $16.00 Thursday on Nasdaq.

For the alerts, double-click [ID:nWNAB2281]

For the company press release, double-click [ID:nMKW73813a] (Reporting by Vidya L Nathan in Bangalore; Editing by Anil D’Silva)

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