Cadence 4Q Loss Narrows Slightly On Lower Costs
SAN DIEGO (AP) ¿ Cadence Pharmaceuticals Inc. said Thursday its fourth-quarter loss narrowed slightly on lower research and development expenses.
The company lost $14 million, or 37 cents per share, compared with a loss of $14.2 million, or 50 cents per share, during the same period a year prior. Shares outstanding jumped to 38.2 million in the recent quarter from 28.7 million in the year-ago period. There was no revenue recorded in either quarter.
Analysts polled by Thomson Reuters expected a loss of 36 cents per share.
Operating costs fell to $13.5 million from $14.6 million.The company also said it cut development of Omigard, which was aimed at treating catheter-related infections. It expects operating expenses to fall in 2009 without that program. Shares of Cadence Pharmaceuticals gained 20 cents, or 3.3 percent, to close at $6.20.
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