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Research investment widens Targanta loss

March 24, 2008
Targanta Therapeutics Corp., a Massachusetts antibiotic-development firm with strong ties to Indianapolis, lost $10.7 million in the fourth quarter, $1 million more than it lost in the same quarter a year earlier.

The company is commercializing an antibiotic developed by Eli Lilly and Co. to fight skin cancer. Targanta had its headquarters in Indianapolis before moving to Massachusetts two years ago. It still has an Indianapolis office, at 225 W. East St.

On a per-share basis, the company's fourth-quarter loss was 51 cents, smaller than the 63 cents anticipated by analysts. Targanta said the loss in the latest quarter widened because of higher research-and-development costs.

The company went public in October at $10 a share. The stock now trades for about $8.45.

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