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The Associated Press November 10, 2009, 11:53AM ET

Corcept 3Q loss narrows on lower costs

MENLO PARK, Calif.

Drug developer Corcept Therapeutics Inc. said Tuesday its third-quarter loss narrowed on lower costs and expenses.

The company lost $4.7 million, or 9 cents per share, compared with a loss of $5.6 million, or 11 cents per share, during the same period a year prior. Corcept reported no revenue during the quarter, compared with $66,000 a year prior.

Analysts polled by Thomson Reuters expected a loss of 10 cents per share.

Operating expenses fell 6 percent to $4.7 million.

The company is developing Corlux as a treatment for the psychotic features of depression and for Cushing Syndrome, which is a hormone disorder.

Shares of Corcept fell 1 cent to $2.22 in midday trading.


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