Trius Therapeutics Reports 2010 Third Quarter Results
SAN DIEGO, Nov. 11, 2010 (GLOBE NEWSWIRE) -- Trius Therapeutics, Inc. (Nasdaq:TSRX), a biopharmaceutical company focused on the discovery, development and commercialization of innovative antibiotics for serious, life-threatening infections, announced today its financial results for the third quarter ended September 30, 2010.
Revenues for the three months ended September 30, 2010 increased to $1.9 million compared to $1.7 million for the same period in 2009. For the nine months ended September 30, 2010, revenues were $5.5 million compared to $4.0 million for the same period in 2009. The increase in revenues during the three and nine months ended September 30, 2010 was largely a result of the award of the company's second federal research contract, a $29.5 million, four and a half-year contract from the Defense Threat Reduction Agency (DTRA). Trius' first federal contract was a $27.7 million, five-year contract from the National Institutes for Allergy and Infectious Disease (NIAID), part of the National Institutes of Health (NIH).
Total operating expenses for the three months ended September 30, 2010 were $7.3 million compared to $5.2 million for the same period in 2009. This increase was primarily the result of higher clinical trial expenses during the period. For the nine months ended September 30, 2010, total operating expenses were $17.2 million compared to $19.4 million for the same period in 2009. This decrease was primarily due to the clinical drug supply manufacturing costs incurred in 2009 as Trius prepared for initiation of its Phase 3 clinical trials of torezolid phosphate for which the first patient was dosed in August 2010.Trius ended the third quarter of 2010 with cash and cash equivalents totaling $54.4 million. As of November 10, 2010, Trius had 23,584,417 shares outstanding. "In the brief time since our IPO, we have made substantial progress on the development program for our investigational drug, torezolid phosphate. We initiated our Phase 3 program for ABSSSI, and expanded our already strong patent estate," said Jeffrey Stein, Ph.D., President and Chief Executive Officer of Trius. "In addition, we are on track with the planned initiation of our Phase 1 lung study by the end of this year."
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