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Trius Therapeutics Reports 2012 Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: TSRX

SAN DIEGO, March 12, 2013 (GLOBE NEWSWIRE) -- Trius Therapeutics, Inc. (Nasdaq:TSRX), a biopharmaceutical company focused on the discovery, development and commercialization of innovative antibiotics for serious infections, announced today its financial results for the fourth quarter and year ended December 31, 2012.

"As we approach the announcement of our Phase 3 top line data from the ESTABLISH 2 study near the end of this quarter, and subsequent NDA filing later this year, we are pleased to report our financial performance for 2012," said Jeffrey Stein, Ph.D., President and Chief Executive Officer at Trius.

At December 31, 2012, Trius had cash, cash equivalents and investments totaling $66.0 million. In January 2013, Trius raised an additional $31.6 million in net proceeds in a follow-on public offering.

For the fourth quarter of 2012, Trius reported a net loss of $14.2 million versus a net loss of $12.5 million in the comparable period in 2011. For the year ended December 31, 2012, Trius reported a net loss of $53.9 million compared to $18.3 million for the same period in 2011. The net loss during the three months and year ended December 31, 2012 was largely due to clinical and nonclinical development activities for tedizolid phosphate, our lead investigational drug in Phase 3 clinical development. For the fourth quarter of 2012, Trius reported a net loss per share of $0.36 versus $0.44 in the fourth quarter of 2011. For the year ended December 31, 2012 and 2011, Trius reported a net loss per share of $1.42 and $0.69, respectively. The increase in the net loss was primarily due to the fact that the Company received an upfront payment of $25.0 million in the prior year upon entering into a collaboration and license agreement with Bayer Pharma AG (Bayer), but received no similar payments in the current year. Aside from this one-time payment, the increase in the net loss for both the three months and year ended December 31, 2012 was largely due to higher clinical and nonclinical development expenses for tedizolid phosphate.

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