Cypress Bioscience Inc. said Monday its first-quarter loss narrowed on a sharp decline in research and development expenses and higher revenue.
The bulk of its revenue came from Savella, a drug for the pain disorder Fibromylagia. Forest Laboratories markets the drug.
Cypress Bioscience reported a net loss of $4.6 million, or 12 cents per share, compared with a loss of $9.2 million, or 24 cents per share, a year earlier.
Revenue rose to $8.1 million from $7.9 million.
Operating expenses fell 27 percent to $12.9 million, mainly on lower costs research and development costs.
Analysts polled by Thomson Reuters expected a smaller loss of 10 cents on $8.5 million in revenue.
Shares of Cypress Bioscience closed at $4.54 Friday.