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news.Transition Therapeutics, a biopharmaceutical company engaged in developing novel therapeutics for disease indications with large markets, has reported a revenue of $4.5m, an increase of 79% for the fiscal year ended 30 June 2010, compared to $2.51m in the prior year.
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The company has posted a net loss of $19.3m for the year ended 30 June 2010, or $0.83 loss per diluted share, compared to net loss of $22.37m, or $0.97 loss per diluted share, for the comparable period in 2009.
Transition chairman and CEO Tony Cruz said that this year, 2010, has seen a number of clinical milestones accomplished across our pipeline programs.
“These have included: the announcement of our first Phase III trial, completion of Phase II studies in our Alzheimer’s disease program, the commencement of clinical development of a new class of compounds and the strengthening of our pipeline through a partnership with Lilly,” Cruz said.