SOUTH SAN FRANCISCO, CA -- (MARKET WIRE) -- October 26, 2006 -- Theravance, Inc. (NASDAQ: THRX) reported today its financial results for the third quarter ended September 30, 2006. The net loss for the third quarter of 2006 was $37.8 million compared to $37.8 million during the same period of 2005. The loss was primarily due to research and development costs associated with telavancin Phase 3 clinical programs and additional 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)). Research and development costs of $39.1 million during the third quarter 2006 were $1.7 million lower than the quarter ended June 30, 2006, due to lower clinical trial enrollment costs.
