November 8, 2010 / 12:39 PM / 7 years ago

UPDATE 1-XenoPort amends agreement with Glaxo on RLS drug

* 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 (Reuters) - Biopharmaceutical company XenoPort Inc XNPT.O amended an agreement with GlaxoSmithKline (GSK.L) for the development of its drug to treat restless legs syndrome (RLS).

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 Reuters I/B/E/S.

    Shares of Santa Clara, California-based XenoPort closed at $8.01 on Friday on Nasdaq. (Reporting by Anand Basu in Bangalore; Editing by Unnikrishnan Nair)

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