Seattle Genetics Q1 Revenues Up
The company posted a net income of $11.46m for the first quarter of 2010, or $0.11 per diluted share, compared to a net loss of $27.26m, or $0.33 per diluted share, for the prior year period. Income from operations was $10.9m, compared to loss of $28.26m for the year ago period.
The increase in revenues was driven by the earned portion of payments received under the company's dacetuzumab (SGN-40) collaboration with Genentech, which will end in June 2010, said the company.
The company added that revenues in the first half of 2010 are expected to reflect an estimated $70m related to the dacetuzumab collaboration, approximately $40m of which was recognized in the first quarter of 2010. These revenues are mostly attributable to cash amounts already received under the collaboration.
Clay Siegall, president and CEO of Seattle Genetics, said: “We ended the first quarter in a strong financial position, and we remain on target to achieve several key milestones in the remainder of the year, including data from our pivotal brentuximab vedotin (SGN-35) trial in Hodgkin lymphoma and data from our phase IIb lintuzumab (SGN-33) trial in acute myeloid leukemia.
“We are also advancing several earlier-stage programs, including SGN-75, an antibody-drug conjugate (ADC) that is in phase I for non-Hodgkin lymphoma and renal cell carcinoma, and ASG-5ME, an ADC that is on track to begin phase I testing in prostate and pancreatic cancers this year.”
Will the company continue at same pace in Q2?
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