XTL cuts loss, despite bificadine failure
Israeli drugmaker XTL Biopharmaceuticals has cut its 2008 loss, compared to the year before, despite the failure of its serotonin and norepinephrine reuptake inhibitor bificadine during the year.
Revenue rocketed to $5.9 million, versus just $907,000. R&D costs were down 51% to $11.5 million due to the cancellation of the bicifadine program in diabetic neuropathic pain.
The company's net loss fell to $9.2 million, or $0.03 loss per share, vs a loss of $24.9 million, or 0.11 loss per share. As of December 31, 2008, the firm had $2.9 million in cash and cash equivalents, reduced by 78%, mainly due to charges associated with the bicifadine.
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