May 10, 2010 / 10:08 PM / 7 years ago

UPDATE 1-Transition Therapeutics Q3 loss narrows

* Q1 loss/shr C$0.13 vs yr-ago loss/shr C$0.25

* Revenue at C$2.5 million

* Says has resources for expenditures till Q1 2012

May 10 (Reuters) - Canadian biopharmaceutical company Transition Therapeutics Inc TTH.TO TTHI.N posted a narrower quarterly loss, and said it has adequate financial resources for expected expenditures till the beginning of the first quarter of fiscal 2012.

For the third quarter, the company posted a loss of C$3.1 million or 13 Canadian cents a share, compared with C$5.7 million, or 25 Canadian cents a share, a year ago.

The company posted revenue of C$2.5 million.

Analysts on average were expecting a loss of 11.5 Canadian cents a share, on revenue of C$1.6 million, according to Thomson Reuters I/B/E/S.

The fall in research and development expenses, and general and administrative expenses was offset by a foreign exchange loss of C$150,569, compared with a gain, last year.

Shares of the Toronto-based company closed at C$3.85 Monday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Jarshad Kakkrakandy)

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