Aeterna Zentaris loss widens on higher finance costs

Wed May 9, 2012 9:25am EDT
 
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(Reuters) - Canadian drugmaker Aeterna Zentaris Inc AEZ.TO (AEZS.O: Quote) posted a wider first-quarter loss as finance costs soared.

Net loss widened to $11.5 million, or 11 cents per share, from $10.1 million, or 12 cents per share, a year ago.

The company said its net loss widened mainly due to higher net finance costs attributable to a change in fair value of its warrant liability.

Revenue rose 28 percent to $9.5 million due mainly to higher deliveries of Cetrotide -- an in-vitro fertilization treatment to prevent premature ovulation.

The company recently canceled a licensing deal with New York-based Keryx Biopharmaceuticals Inc (KERX.O: Quote) for cancer drug perifosine, but said it would continue a late-stage trial on its own.

Aeterna Zentaris shares, which have lost more than two-thirds of their value in the past three months, closed at 56 Canadian cents on Tuesday on the Toronto Stock Exchange.

(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Roshni Menon)