unting for Convertible Debt Instruments that may be Settled in Cash Upon Conversion (Including Partial Cash Settlement)" on January 1, 2009. FSP APB 14-1 requires the Company to reflect a nonconvertible borrowing rate on its $575 million convertible senior notes issued in June 2007. The adoption of FSP APB 14-1 resulted in incremental non-cash interest, net of capitalized interest, of $1.4 million in the quarter ended March 31, 2009 which is included in interest and other expense, net, in the accompanying consolidated statement of operations. The adoption of FSP APB 14-1 also requires the Company to retrospectively restate prior periods, which resulted in a $2.3 million increase in reported interest and other expense, net, for the quarter ended March 31, 2008.
Net loss for the quarter ended March 31, 2009 was $47.0 million, or $0.34 per share, compared to $71.1 million, or $0.52 per share, for the same period in 2008.
Restructuring Exenatide Operations with Lilly
Building on the successes of the partnership between the two companies, Amylin and Lilly continue to fortify their relationship. In order to improve alliance effectiveness, increase financial and operational efficiencies and maximize the value of BYETTA and exenatide once weekly, the Company is restructuring exenatide operations with Lilly. This restructuring, called "ExenatideOne," will result in one, integrated team co-located in San Diego and will have single points of accountability for strategy development and execution.
Additionally, the Company and Lilly amended their Collaboration Agreement to require one year's notice for termination of the agreement without cause. Previously, the agreement required only a six-month notice. The parties also clarified allocation and reimbursement procedures of certain shared expenses.
"Growing BYETTA, the only GLP-1 receptor agonist on the market, remains a key area of focus for
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