ecovery from our IPLEX™ Expanded Access Program (EAP) in Europe, $0.5 million of IPLEX grant revenue which was recognized in the fourth quarter of 2009 and $0.1 million in lower royalties during the most recent period. The reduction in the IPLEX cost recovery was due to the Company's decision in July 2009 to cease supplying the drug to new patients in order to preserve the remaining IPLEX inventory for patients currently receiving the drug. The $0.5 million reduction in grant revenue related to a grant received in the fourth quarter of 2009 from the Muscular Dystrophy Association (MDA) for the previously completed IPLEX Phase 2 Myotonic Muscular Dystrophy trial. The reduced royalty was due to the expiration of a TGF- beta royalty in 2010.
In the fourth quarter of 2010, the Company posted a net loss of $5.8 million, or $0.42 per share, as compared to a net profit of $2.3 million, or $0.18 per share, in the fourth quarter of 2009. The $8.1 million variance arose from a $5.5 million increase in total expenses, the elimination of a $2.0 million tax refund which occurred in 2009 and a $1.2 million reduction in revenue. These were partially offset by a $0.6 million improvement in investment income.
The $5.5 million increase in total expenses resulted from a $1.7 million increase in research and development expenses (R&D Expenses) and a $3.8 million increase in selling, general and administrative expenses (SG&A Expenses). The higher R&D Expenses were due primarily to the addition of ARIKACE-related R&D Expenses in December 2010, while the increase in SG&A Expenses resulted from increased external finance, legal and consulting expenses related to the business combination, and the addition of ARIKACE-related support costs for December 2010.
The $2.0 million tax impact resulted from the utilization of Net Operating Losses in the fourth quarter of 2009, which reduced the amount of taxes paid oPage: 1 2 3 4 5 6 7 8 Related biology technology :1
. Insmed to Host Second Quarter 2009 Conference Call2
. Insmed Announces Addition to the Russell 3000(R) Index3
. Insmed Announces Results of IPLEX(TM) Phase II Trial in Myotonic Muscular Dystrophy4
. Insmed CEO Resigns Due to Health Concerns5
. Insmed Announces First Quarter 2009 Financial Results6
. Insmed Regains NASDAQ Compliance7
. Insmed to Host First Quarter 2009 Conference Call8
. Insmed Announces Agreement With IDIS to Manage Expanded Access Programs for IPLEX(TM)9
. Insmed Announces That NASDAQ Further Extends Temporary Suspension of Minimum Bid Closing Price Rule10
. Insmed Announces Fourth Quarter and Full-Year 2008 Financial Results11
. Insmed to Host Fourth Quarter and Full-Year 2008 Conference Call