Theravance net loss for the quarter unchanged from prior-year period

By Lisa Kerner

Charlotte, N.C., Oct. 26 - Theravance, Inc. had a net loss of $37.8 million for both the third-quarter 2006 and third-quarter 2005, according to a company news release.

Research and development costs for the period were down $1.7 million from the prior-year period at $39.1 million. The decrease was attributed to lower clinical trial enrollment costs.

Third-quarter 2006 revenue was up at $5.5 million, from $3.0 million in the same period of 2005, due primarily to higher amortization of upfront and milestone payments received from the company's partnerships with GlaxoSmithKline and Astellas Pharma Inc.

Cash, cash equivalents and marketable securities totaled $267.1 million as of Sept. 30.

"This was an important and exciting quarter for Theravance," chief executive officer Rick E Winningham said in the release.

"We reported positive results from the company's telavancin phase 3 program in complicated skin and skin structure infections, saw promising initial results in our phase 1 resistant Gram-positive antibiotic program with our unique heterodimer compound, TD-1792, and, in October, initiated a phase 2 program in GI motility. We are on track to submit the NDA for telavancin by the end of the year."

Theravance is a biopharmaceutical company based in South San Francisco, Calif.

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