Myriad Pharma posts smaller 1Q loss after spinoff

AP News
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Posted: Nov 13, 2009 6:54 AM

Myriad Pharmaceuticals Inc. on Friday reported a smaller fiscal first-quarter loss on lower research costs after the company was spun off from Myriad Genetics Inc.

In its first quarter as an independent company, the research and drug development company lost $10.6 million, or 44 cents per share. That compares to $11.6 million, or 48 cents per share, a year ago. Research revenue dropped to $60,000 from $3.7 million.

However, spending decreased after Myriad stopped testing on Flurizan, once seen as a potential Alzheimer's disease drug. It failed in a late stage trial in 2008. In the quarter ended Sept. 30, Myriad Pharmaceuticals said research and development spending fell by more than half, to $5.9 million from $12.8 million.

Selling, general and administrative costs doubled to $5.2 million from $2.5 million.

Myriad Pharmaceuticals was spun off from Myriad Genetics on June 30. The company expects to report data from two clinical trials next week. It said it will share early results from testing of an experimental cancer drug Monday, followed by mid-stage trial results from a metastatic melanoma drug candidate on Wednesday.