NPS Pharmaceuticals, a specialty pharmaceutical company developing therapeutics for rare gastrointestinal and endocrine disorders, reported its results for the third quarter 2010.
In a release on November 2, the Company noted details:
NPS reported a net loss of $15.7 million or $0.26 per diluted share for the third quarter 2010, compared to a net loss of $7.8 million or $0.16 per diluted share for the third quarter 2009. The change in the company's quarterly results was driven by an increase in research and development expenses in the third quarter 2010 due to the advancement of two Phase 3 registration programs. The company's cash, cash equivalents and marketable investment securities totaled $154.2 million at September 30, versus $74.9 million at December 31, 2009.
"This year continues to be marked by strong execution with two product development programs progressing well and on schedule," said Francois Nader, MD, president and chief executive officer of NPS Pharmaceuticals. "We look forward to a number of near-term milestones including top line results from our Phase 3 STEPS study of GATTEX in short bowel syndrome and randomization of the last patient in our Phase 3 REPLACE study of NPSP558 in hypoparathyrodism.
"Our market research continues to confirm the high patient and physician support for and commercial promise of GATTEX and NPSP558. And as a result of another successful financing, we further strengthened our cash position and we expect to deliver full-year cash burn at the lower end of our prior guidance."
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