4Q Revenues: $1.6 million (-27%)
4Q Loss: $4.9 million (loss of $8.0 million 4Q11)
FY Revenues: $8.4 million (-17%)
FY Loss: $22.8 million (loss of $22.2 million FY11)
Comments: Decrease in revenue was primarily due to changes in the amortization period for revenue from the Bristol-Myers Squibb collaboration. R&D expenses were $3.5 million in the quarter compared to $7.7 million in 4Q11. The decrease was primarily due to a reduction in Phase III trial expenses for ulimorelin and our Phase IIb trial activities for TZP-102.