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news.Californian biotech Theravance has reported a net loss of $32.4 million for the third quarter ended September 30, 2007, compared with $37.8 million for the same period in 2006.
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Net loss per share was $0.53 for the Q3 of 2007, compared with a net loss per share of $0.63 for the Q3 of 2006. Revenue was $5.7 million for the Q3 of 2007 compared with $5.5 million for the same period in 2006. The increase was due to higher amortization of upfront and milestone payments received from the company’s strategic alliance with GSK and collaboration with Astellas.
Research and development costs for the Q3 of 2007 decreased to $32 million compared with $39.1 million for the same period of 2006. This decrease was due to lower external research and development costs associated with its antibiotic telavancin. Total external research and development costs were $11.4 million in the Q3 of 2007 compared with $20.6 million in the same period of 2006.