UPDATE 1-Cypress Bioscience posts Q4 loss on lower revenue

lunes 16 de marzo de 2009 15:07 CET
 

* Q4 loss $0.19/shr vs profit $0.08/shr last year

* Shares fall 6 pct

March 16 (Reuters) - Cypress Bioscience Inc CYPB.O posted a fourth-quarter loss, compared with a profit last year, as revenue plunged 84 percent and expenses rose.

For the fourth quarter, the company posted a net loss of $7.2 million, or 19 cents a share, compared with net income of $3.0 million, or 8 cents a share, a year ago.

Revenue fell to $949,000.

Analysts, on average, were expecting a loss of 6 cents a share, before special items, on revenue of $3.9 million, according to Reuters Estimates.

Operating expenses increased 73 percent to $9.0 million due to marketing costs linked with the launch of its personalised medicine services and costs related to sales force recruitment, the company said.

On March 6, Cypress and its partner Forest Laboratories Inc FRX.N delayed the launch of their fibromyalgia drug Savella to mid-2009, while they seek approval for a minor cosmetic change in formulation. [ID:nN06377540]

Shares of San Diego, California-based Cypress fell to a low of $7.65 before recouping some losses to trade down 29 cents at $7.86 Monday morning on Nasdaq.

For the alerts, double-click [ID:nWNAB4175] (Reporting by Vidya L Nathan in Bangalore; Editing by Anne Pallivathuckal)