NeuroSearch sees 1st-qtr loss increase 24%

Danish drug discovery firm NeuroSearch recorded a loss of 56.7 million Danish kroner ($10.4 million) for the first quarter of 2007, an 23.8% decline from the 45.8 million kroner deficit it saw in the first three months of 2006. The firm added that the results do not include the contribution from its subsidiary NeuroSearch Sweden AB, which was purchased in the fourth quarter of last year.

Despite the deepening loss, NeuroSearch remained upbeat, citing the ongoing development of the Huntington's disease treatment ACR16, which is due to enter Phase III trials this year, and its deal with GlaxoSmithKline, focused on the development of NS2359 for depression, as key to its future.