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Home » Long Term Weight Loss » Diabetes drug developer Vivus posts bigger 4Q loss

MOUNTAIN VIEW, Calif. (AP) -- Vivus Inc., which is attempting to gain marketing approval for the weight loss drug Qnexa, reported a bigger fourth-quarter loss Tuesday, compared with the final quarter of 2010, when it had a gain from selling a business.

Vivus said it lost $11.5 million, or 13 cents per share, in the quarter that ended Dec. 31, compared with a loss of $6.5 million, or 8 cents per share, a year earlier. Vivus' research and development expenses and other costs decreased, but in the fourth quarter of 2010 it gained from selling its impotence treatment Muse.

Analysts expected Vivus to report a loss of 12 cents per share, according to FactSet.

Vivus announced that during the first quarter, European Union regulators asked the company for more information about Qnexa, including how Vivus would minimize the risk of Qnexa's side effects, which include elevated heart rate, psychiatric problems and birth defects. Regulators also asked the company to discuss the benefits and risks of different doses of Qnexa, its possible use in different groups of patients, and the expected long-term benefits of treatment with Qnexa.

Vivus said it will respond to the request during the second quarter.

The company also said Tuesday that it plans to sell 8.5 million shares of stock. The underwriters of the sale will have the option to buy another 1.3 million shares to cover any over-allotments. Vivus had about 88.9 million shares on the market during the fourth quarter, and its stock has traded between $6 and $25.14 in the 12 months.

Vivus is waiting for the Food and Drug Administration to complete a new review of Qnexa after the agency refused to approve the drug in October 2010.

An FDA advisory panel recommended on Feb. 22, in a 20-2 vote, that the FDA approve the drug; the agency is expected to rule by April 17. The FDA does not have to follow the advice of its panels, but the vote was interpreted as a strong indication that Qnexa will be approved this time. Vivus shares jumped 82 percent on Feb. 22.

The stock fell 10.6 percent to close Tuesday at $21.26 but rebounded 87 cents, or 4.6 percent, to $22.23 after hours following the company's report.

Vivus took a loss of $46.1 million, or 55 cents per share, in 2011 after losing $66.1 million, or 82 cents per share, in 2010.

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Diabetes drug developer Vivus posts bigger 4Q loss

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Home » Long Term Weight Loss » Diabetes drug developer Vivus posts bigger 4Q loss