November 11, 2010 / 10:24 PM / 8 years ago

UPDATE 1-Transition Therapeutics reports Q1 loss

* Q1 Loss per share of C$0.19 vs loss C$0.24

* R&D costs ease to C$2.3 mln from C$3 mln

* Revenue nil

TORONTO, Nov 11 (Reuters) - Transition Therapeutics TTH.TO reported a lower quarterly loss on Thursday, as research and development costs dropped more than 20 percent for the small pharmaceutical company.

The Toronto-based firm, which specializes in a treatment for Alzheimer’s disease, reported a loss of C$4.3 million, or 19 Canadian cents a share in the first quarter, ended Sept. 30. That compared with a year-ago loss of C$5.6 million, or 24 Canadian cents a share.

Analysts, on average, had expected a loss of 20 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Revenue fell to nil from just over C$300,000 the year before. Research and development costs were C$2.3 million, down 23 percent from C$3 million.

Transition dropped the development of its lead diabetes compound in September after the drug failed efficacy tests.

The company is now banking on its experimental Alzheimer’s drug, ELND005, which will go into phase 3 trials even though it did not achieve significant results in earlier trials.

$1=$1.00 Canadian Reporting by Julie Gordon; editing by Rob Wilson

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