Cypress Bioscience 1Q Loss Widens On Revenue Drop

SAN DIEGO (AP) — Drug developer Cypress Bioscience Inc. said Monday its first-quarter loss widened on lower revenue from collaborations.

Cypress recorded a loss of $9.2 million, or 24 cents per share, compared with a loss of $2.9 million, or 8 cents per share, during the same period a year prior. Revenue fell 45 percent to $7.9 million from $14.2 million.

Analysts polled by Thomson Reuters expected profit of 12 cents per share on revenue of $14.6 million.

In January, the Food and Drug Administration approved Savella as a treatment for the nerve pain disorder fibromyalgia. Forest Laboratories, Cypress' partner on the drug, gave Cypress a $25 million milestone payment, but that will be amortized throughout the patent life for Savella.

Shares of Cypress Bioscience fell a penny to $7.56 in afternoon trading.