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Cypress 1Q loss narrows on lower costs

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.