Chelsea Therapeutics’ 4th-quarter loss narrows on lower operating costs

Chelsea Therapeutics 4Q loss narrows on costs

CHARLOTTE, N.C. — Chelsea Therapeutics International Ltd. said Wednesday its loss narrowed on lower operating expenses as the company concluded several studies.

The company posted a loss of $6 million, or 18 cents per share, compared with a loss of $9 million, or 30 cents per share, a year earlier. Chelsea Therapeutics is a development-stage company with no products on the market, and it did not report any revenue.

Operating costs fell 29 percent to $6 million as the completion of several studies led to lower research and development costs.

The company’s key drug candidate is Droxidopa, a product intended to treat dangerously low blood pressure. It is also being studied as a potential treatment for fibromyalgia.

For the full year, the company lost $25.8 million, or 82 cents per share, compared with a loss of $35.1 million, or $1.17 per share, in 2008.

Chelsea ended the year with $22.3 million in cash and cash equivalents. The company also recently completed a direct offering of $16.8 million in stock. Chelsea said it has enough funding for current development programs into the first quarter of 2011.

Chelsea Therapeutics’ stock rose 5 cents to close at $2.95 Wednesday.