Vivus, a biopharmaceutical company, has reported a net loss of $6.7m, or $0.10 per diluted share, for the fourth quarter of 2008, compared to a net income of $10.4m, or $0.17 per diluted share, for the same period of 2007.
The net loss in the fourth quarter of 2008 as compared to the net income in the fourth quarter of 2007 was due to an increase in operating expenses of $12.1m and a $4.6m change in net interest expense, the company said. Total revenue for the fourth quarter of 2008 was $28.8m, as compared to $29.8m for the fourth quarter of 2007.
Net loss for 2008 was $9.9m, or $0.16 per share, compared to a net loss of $2.4m, or $0.04 per share, for 2007. The increase in the net loss is primarily due to an increase in operating expenses related to the Phase III clinical trials of Qnexa for obesity. For 2008, total revenues were $102.2m, compared to $54.7m for 2007.
Leland Wilson, president and CEO of Vivus, said: In 2008, Vivus made excellent progress with the clinical development of Qnexa, our novel, investigational drug in Phase III trials for the treatment of obesity and in Phase II trials for the treatment of type 2 diabetes.
In addition, Qnexa has been well tolerated in our studies completed to date. We look forward to obtaining the results from our Equip and Conquer pivotal Phase III trials of Qnexa mid-year, and potentially submitting a new drug application with the FDA for Qnexa in the treatment of obesity by the end of 2009.