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news.Tranzyme Pharma, a clinical-stage biopharmaceutical company that discovers, develops and commercializes novel small molecule therapeutics, has reported total revenue of $2.34m for the first quarter ended 31 March 2011, as compared to $1.42m for the same period in 2010.
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The increase was primarily due to the amortization of deferred revenue from the upfront license fee received from our collaboration agreement with Norgine entered into in June 2010.
The company has reported a net loss of $3.37m, or $24 loss per diluted share, compared to net loss of $2.71m or $19.32 loss per diluted share, for the same period last year.
For the first quarter ended 31 March 2011, Tranzyme Pharma’s operating loss was $3.13m, as compared to $2.37m for the same period prior year.
Tranzyme Pharma president and CEO Vipin Garg said in the first quarter, they initiated two Phase 3 pivotal trials of ulimorelin.
"We plan to initiate a Phase 2b trial for TZP-102 in the second half of this year. We believe patients require safe and effective treatments for these conditions, and we are dedicated to developing both products," Garg said.