October 12, 2010 / 8:27 PM / 7 years ago

UPDATE 1-Theratechnologies posts Q3 loss on higher expenses

* Q3 loss/shr C$0.05 vs EPS C$0.10 last yr

* Q3 rev C$2.15 mln vs C$13.1 mln

Oct 12 (Reuters) - Canadian biotechnology company Theratechnologies Inc (TH.TO) posted a fourth consecutive quarterly loss, hurt partly by higher expenses.

For the June-August quarter, the company posted a loss of C$3.3 million, or 5 Canadian cents a share, compared with earnings of C$5.8 million, or 10 Canadian cents a share, a year ago.

In the third quarter, the Montreal-based company’s revenue fell to C$2.15 million, from C$13.1 million a year ago.

Theratechnologies had in the previous quarter received a milestone payment of C$10.9 million for Tesamorelin.

Tesamorelin is a treatment for HIV-related lipodystrophy, the build-up of excess abdominal fat thought to be caused by a patient’s HIV antiretroviral drug regimen and the virus itself. There is currently no approved treatment.

General and administrative expenses jumped 66 percent to C$2.2 million.

The company, which said U.S. regulators had extended their review of Tesamorelin in July, said the burn rate from operating activities, excluding changes in operating assets and liabilities, was C$2.6 million for the quarter, compared with a cash flow of C$6.2 million in the same period last year.

The company’s shares, which have fallen about 10 percent after the extension of the review on Tesamorelin, closed at C$4.53 Tuesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Unnikrishnan Nair) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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