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Furiex Reports Fourth Quarter And Full Year 2011 Financial Results

Stocks in this article: FURX

Furiex Pharmaceuticals, Inc. (Nasdaq: FURX) today reported its financial and operating results for the quarter and year ended December 31, 2011. Furiex was spun off from PPD, Inc. as a separate public company effective June 14, 2010. As a result, the Furiex financial information prior to that date was derived from PPD's discovery sciences segment and does not reflect the consolidated results of operations or cash flows of the company had it been a separate, stand-alone entity.

Furiex recorded fourth quarter royalty revenues of $2.0 million, compared to $0.3 million for the same period in the prior year. For the full year 2011, Furiex recorded royalty revenues of $4.5 million, compared to $1.3 million in the prior year. Royalty revenue included royalties related to Nesina ® and combination product sales in Japan, and Priligy ® sales in various countries outside of the United States.

Research and development expenses were $6.1 million for the quarter ended December 31, 2011, compared to $9.9 million for the same period in the prior year. For the full year 2011, Furiex recorded research and development expenses of $44.2 million, compared to $50.1 million in the prior year. The decrease of $5.9 million in research and development expenses for the year ended 2011 as compared to 2010 was a result of reduced development costs for the MuDelta and JNJ-Q2 compounds licensed from Janssen Pharmaceutica N.V. in November 2009, partially offset by increased spending related to the PPD-10558 compound.

Fourth quarter selling, general and administrative expenses were $2.3 million for 2011, compared to $2.0 million for the fourth quarter of 2010. For the full year 2011, Furiex recorded selling, general and administrative expenses of $8.8 million, compared to $8.3 million in the prior year.

Operating loss was $6.5 million for the fourth quarter of 2011, compared to $11.7 million for the fourth quarter of 2010. For the year ended 2011, operating loss was $48.6 million compared to $49.5 million in 2010.

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