Synta Pharmaceuticals' loss widens
Synta Pharmaceuticals Corp., a Lexington biopharmaceutical company, said today that its fourth-quarter loss widened partly on higher operating expenses.
The company reported a loss after preferred dividends of $15.5 million, or 46 cents per share, compared with a loss of $13.3 million, or 60 cents per share, in the prior year. The per share discrepancy is due to fewer outstanding shares in the year-ago period.
Analysts polled by Thomson Financial forecast a loss of 50 cents per share.
Total operating expenses climbed to $17.1 million from $13 million. Research and development costs rose to $13.3 million from $10.5 million, while general and administrative expenses increased to $3.8 million from $2.5 million.
Synta reported revenue of $743,000 for the quarter from a collaboration with GlaxoSmithKline on the company's lead drug candidate elesclomol. The drug is an experimental treatment for skin cancer.
The company reported an annual loss after preferred dividends of $122.1 million, or $3.76 per share, compared with a loss of $59.1 million, or $2.66 per share, in the previous year.
Full-year results were hurt by a $58.6 million charge related to converting the company's preferred stock for its initial public offering.
Excluding the charge, Synta reported a loss of $63.5 million compared with a loss of $57.3 million a year earlier.
Collaboration revenue for the year totaled $743,000.
On the Nasdaq Stock Market yesterday, Synta shares closed at $7.36, up 6 cents. (AP)
