Chelsea Therapeutics International, Ltd. (CHTP) reported a fourth-quarter net loss of $12.5 million or $0.20 per share versus a net loss of $12.4 million or $0.25 per share for the comparable period in 2010.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.32 per share for the quarter. Analysts' estimates typically exclude special items.
Research and development expenses for the quarter were $7.7 million, compared to $10.2 million for the same period in 2010. The decrease in research and development expense was primarily the result of the completion of clinical trials and the associated decrease in drug development costs.
Selling, general and administrative (SG&A) expenses were $4.8 million compared to $2.3 million for the same period in 2010. The increase in SG&A expense during the quarter is primarily the result of costs associated with pre-launch sales and marketing initiatives including market research, promotional preparations and the addition of key personal working on launch preparations.
by RTT Staff Writer
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