Tranzyme Pharma (TZYM) Announces Fourth Quarter and Full-Year 2012 Financial Results
3/29/2013 10:09:13 AM
RESEARCH TRIANGLE PARK, N.C., March 28, 2013 (GLOBE NEWSWIRE) -- Tranzyme Pharma (Nasdaq:TZYM), a biopharmaceutical company focused on discovering, developing and commercializing novel, mechanism-based therapeutics, today announced its financial results for the fourth quarter and year ended December 31, 2012. Select Fourth Quarter 2012 Financial Results: Total revenue for the fourth quarter of 2012 was $1.6 million compared to $2.2 million in the same period last year. The decrease in revenue was primarily due to changes in the amortization period for deferred revenue from the upfront licensing fee received from our collaboration with Bristol-Myers Squibb Company. Research and development expenses were $3.5 million in the fourth quarter 2012 as compared to $7.7 million for the same period in 2011. The decrease was primarily due to a reduction in Phase 3 clinical trial expenses for ulimorelin and our Phase 2b trial activities for TZP-102. General and administrative expenses were $1.2 million in the fourth quarter of 2012 versus $2.1 million in the same period last year, reflecting decreased expenses relating to pre-commercialization and market research activities and personnel related expenses.