SOUTH SAN FRANCISCO, CA -- (MARKET WIRE) -- February 08, 2007 -- Theravance, Inc. (NASDAQ: THRX) reported today its financial results for the fourth quarter and full year ended December 31, 2006. Net loss for the fourth quarter and full year 2006 were $37.8 million and $166.0 million, respectively, compared with $42.2 million and $143.2 million during the same periods of 2005. The lower net loss during the fourth quarter 2006 was primarily driven by decreased research and development costs associated with the completion of the telavancin Phase 3 clinical program in complicated skin and skin structure infections (cSSSI) partially offset by higher stock-based compensation expense associated with the adoption of the Financial Accounting Standards Board’s Statement No. 123 (revised 2004), “Share-Based Payment” (SFAS 123(R)).
