Transcept Pharmaceuticals Reports Fourth Quarter and Year End 2008 Financi...(tion expense in accordance with SFAS No....),Health

Date:3/23/2009

tion expense in accordance with SFAS No. 123R of $0.4 million for the year ended December 31, 2008 compared to $0.3 million for the year ended December 31, 2007. Merger-related transaction costs of approximately $2.0 million were expensed during the fourth quarter and year ended December 31, 2008.

Net loss for 2008 was $20.0 million, compared to a net loss of $20.4 million for 2007.

Fourth Quarter 2008 Financial Results

Research and development expenses for the quarter ended December 31, 2008 were $1.5 million, compared to $3.5 million for the same period in 2007. The decrease of $2.0 million included $1.4 million attributable to Intermezzo(R) development costs, the majority of which were completed when the NDA was filed with the FDA on September 30, 2008, and $0.6 million in reduced activity for the Company's earlier stage development programs.

General and administrative expenses were $2.6 million for the fourth quarter of 2008, compared to $1.5 million for the same period in 2007. The $1.1 million increase included $0.6 million in increased market research expenses for Intermezzo(R) and $0.5 million for increased headcount and employee-related expenses to support the merger with Novacea.

Net loss for the quarter ended December 31, 2008 was $6.1 million, compared to $4.8 million for the same period in 2007.

At December 31, 2008, Transcept had cash, cash equivalents and marketable securities totaling $11.7 million compared to $35.2 million at December 31, 2007. The decrease was primarily due to a net loss of $20.0 million for the year ended December 31, 2008, and debt repayment of $3.6 million in 2008.

The combined cash, cash equivalents and marketable securities of Transcept and Novacea on January 30, 2009 after giving effect to the close of the merger was estimated to be approximately $92 million. Subsequently, during the f
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SOURCE Transcept Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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