CombinatoRx Inc. (NASDAQ: CRXX) reported Thursday it turned a profit in its fiscal fourth quarter, citing smaller research costs and big gains from the completion of an acquisition, according to Associated Press.
The company, which focuses on treatments for pain and inflammation, said it earned $25.2 million, or 57 cents per share, in the three months that ended Dec. 31, compared to a $15.2 million loss, or 43 cents per share, in the same quarter last year.
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Revenue more than doubled to $8.6 million, compared to $3.5 million last year.
CombinatoRx completed an acquisition of the privately-held Canadian company Neuromed Pharmaceuticals Ltd. in the quarter. Chief Financial Officer Justin Renz said CombinatoRx recognized gains totaling $21.9 million from that deal.
A litigation settlement led to a $3.7 million gain, and the company also cut research and development expenses to $3.1 million in the fourth quarter, compared to $9.8 million in the last quarter of 2008.
For the full year, CombinatoRx earned $15.4 million, or 41 cents per share, on $17.3 million in revenue.
CombinatoRx shares climbed 15 cents, or 11.9 percent, to $1.41 in Thursday afternoon trading.
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