Xenoport shares rise after reporting smaller-than-expected loss in 4th quarter

Xenoport 4Q loss narrows more than expected

SANTA CLARA, Calif. — Biotech firm Xenoport Inc. narrowed its fourth-quarter loss Monday as reduced operating costs made up for dwindling income from drug development deals.

The company reported a net loss of $18.3 million, or 60 cents per share, compared with $18.7 million, or 74 cents per share, in the last quarter of 2008.

Analysts polled by Thomson Reuters expected the company to post a loss of 80 cents per share.

Revenue fell to $5.8 million from $10.6 on reduced revenue from licensing deals with GlaxoSmithKline for the co-development of Horizant, a restless leg syndrome drug.

The company cut research and development costs to $16.7 million for the period, down from $22.3 million.

For full-year 2009 the company had a net loss of $66.3 million, or $2.31 per share. That compared to a net loss of $62.5 million, or $2.48 per share, in 2008.

Company shares rose 67 cents, or 8 percent, to close at $9.05 Monday. In after-hours trading the stock edged higher to $9.13.