(RTTNews) - Tuesday, biopharmaceutical company Transition Therapeutics Inc. (TTHI: News ,TTH.TO: News ) reported a wider first quarter loss from a year ago on foreign exchange loss and lower interest income, despite recording revenues for the quarter.

The Toronto, Canada-based company's first quarter net loss widened to C$5.6 million or C$0.24 per share from C$5.03 million or C$0.22 per share in the prior year quarter.

For the first quarter, the company recorded revenues of approximately C$304 thousand, compared to none in the year ago period. The revenue recorded for the quarter is the remaining deferred upfront payment from Eli Lilly.

The company indicated that the balance of the upfront payment of C$4.2 million is expected to be recognized on a systematic basis as costs are incurred until the agreement is completed.

Research and development expenses decreased 18% to C$3.08 million from C$3.74 million a year ago. The decrease was attributed primarily to a decline in clinical development costs related to ELND005 or AZD-103 and TT-223 clinical trials, and reduced research and development costs.
Net interest income dropped to C$77 thousand from C$414 thousand a year ago.

The company recorded a foreign exchange loss of C$777 thousand for the quarter, compared to a gain of C$685 thousand in the prior year period.

TTHI closed Tuesday's regular trading at $7.43, up $0.24 or 3.34%, on the Nasdaq.

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by RTT Staff Writer

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