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Trius Therapeutics Reports 2010 Fourth Quarter And Full Year Financial Results

Stocks in this article: TSRX

SAN DIEGO, March 23, 2011 (GLOBE NEWSWIRE) -- Trius Therapeutics, Inc. (Nasdaq:TSRX), a biopharmaceutical company focused on the discovery, development and commercialization of innovative antibiotics for life-threatening infections, announced today its financial results for the fourth quarter and year ended December 31, 2010.

Trius 2010 and Recent Highlights

  • Awarded a contract for up to $29.5 million from the Defense Threat Reduction Agency (DTRA)
  • Reached agreement with FDA for Special Protocol Assessment (SPA) for Phase 3 Oral ABSSSI study
  • Completed $50 million Initial Public Offering (IPO)
  • Enrolled 50% of patients needed to complete ongoing Phase 3 trial for ABSSSI
  • Announced positive Phase 1 torezolid lung study data

For the fourth quarter of 2010, Trius reported a net loss of $8.8 million, or $0.37 per share, compared to a net loss of $7.3 million, or $9.25 per share, for the comparable period in 2009. For the year ended December 31, 2010, Trius reported a net loss of $23.9 million, or $2.36 per share, compared to a net loss of $22.7 million, or $31.11 per share, for the comparable period in 2009. The decrease in the net loss per share for the three months and year ended December 31, 2010 as compared to the same periods in 2009 was primarily due to the increase in shares outstanding resulting from the IPO in August 2010.

Revenues for the three months ended December 31, 2010 increased to $2.5 million compared to $1.0 million for the same period in 2009. For the year ended December 31, 2010, revenues were $8.0 million compared to $5.0 million for the same period in 2009. The increase in revenues during the three months and year ended December 31, 2010 was largely a result of the initiation of work on the Company's second federal research contract, a four and a half-year contract from DTRA for up to $29.5 million. Trius' first federal contract was a five-year contract from the National Institutes for Allergy and Infectious Disease (NIAID), part of the National Institutes of Health, for up to $27.7 million, which was awarded in 2008.

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