Chelsea Thera's loss doubles on R&D costs

US drug developer Chelsea Therapeutics more than doubled its 2008 loss, year-on-year, due to increased R&D costs and legal settlement fees.

The firm does not market products itself, so generates no sales revenue,  however, the company also took no license turnover during the year.

The firm's net loss was $35.1 million, or $1.17 per share, versus $15.1  million, or $0.66 per share, primarily due to R&D expenses, which  rocketed 120% to $27.1 million. Chelsea saw cash and cash equivalent  assets fell 37%, year-on-year, to $21.5 million as of December 31, 2008.  In October, Chelsea accepted an offer of settlement with financial  services firm UBS relating to its $11.6 million in auction rate  securities. As part of the settlement, UBS has provided Chelsea with the  right to sell the underlying ARS to the financier at par value at any  time between June 30, 2010 and July 2, 2012.