ORANGE COUNTY EARNINGS

CoCensys Inc.: The Irvine developer of products to treat neurological and psychiatric disorders reported a fourth-quarter net loss of $1.9 million, or 8 cents a share, compared with a net loss of $6.4 million, or 29 cents a share, for the same period a year earlier. Results for the fourth quarter of 1997 included a gain of $4.7 million from the sale of the company’s sales and marketing division to Watson Pharmaceuticals for $8 million in cash and $1 million in deferred payments. Revenue, consisting of co-promotion and co-development revenue from corporate partners, fell to $845,000 from $5.3 million.

For the year, the company recorded a loss of $15.8 million, or 70 cents a share, compared to a loss of $18.5 million, or 85 cents a share, for 1996. Revenue declined 22% to $11.9 million from $15.2 million.