RESEARCH TRIANGLE PARK, N.C., May 9, 2013 (GLOBE NEWSWIRE) -- Tranzyme Pharma (Nasdaq:TZYM) ("Tranzyme"), a biopharmaceutical company focused on discovering, developing and commercializing novel, mechanism-based therapeutics, today announced its financial results for the first quarter ended March 31, 2013.
Select First Quarter 2013 Financial Results
Total revenue for the first quarter of 2013 was $0.6 million compared to $2.6 million in the same period last year. The decrease in revenue was primarily due to completion of the amortization of deferred revenue from the upfront licensing fee received from our collaboration with Norgine B.V. Research and development expenses were $1.9 million in the first quarter 2013 as compared to $8.1 million for the same period in 2012. The decrease was primarily due to a reduction in Phase 3 clinical trial expenses for ulimorelin and our Phase 2b trial activities for TZP-102. General and administrative expenses were $2.1 million in the first quarter of 2013 versus $1.9 million in the same period last year, reflecting increased expenses relating to legal fees for our evaluation of strategic alternatives. The Company reported a consolidated net loss of $3.4 million for the three months ended March 31, 2013 as compared to a net loss of $8.4 million in the same period of 2012.Recent Developments In April 2013, Tranzyme and Ocera Therapeutics, Inc. ("Ocera") announced they have entered into a definitive agreement under which Ocera will merge with a subsidiary of Tranzyme in an all-stock transaction. The merger is expected to create a NASDAQ-listed company focused on the development of novel therapeutics for patients with acute and chronic decompensated liver disease, an area of high unmet medical need. Upon closing, the company will be named "Ocera Therapeutics, Inc." The merger is expected to close in the third quarter of 2013, subject to approval by a majority of Tranzyme stockholders, review by the Securities and Exchange Commission and customary closing conditions as detailed in the merger agreement.