Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Friday, April 25, 2008 Seattle Genetics plans more clinical drug tests By Eric Fetters Herald Writer BOTHELL -- Seattle Genetics earned more money from its big drug development partner during the first quarter, but the biotechnology firm's losses nearly doubled as expenses rose. The Bothell-based developer of cancer drugs posted a net loss of $17.1 million, or 22 cents a share, compared to an $8.8 million loss in the year-ago period. Clay Siegall, Seattle Genetics' president and chief executive officer, said the company's three leading drug candidates are moving well through clinical trials. Based on encouraging data, he said, the company is accelerating manufacturing and clinical development activities to further advance those drugs. "We now have 10 trials ongoing across our portfolio and two more planned to start this year," Siegall said. The company's lead drug candidate, SGN-40, is now in multiple trials. The start of its latest study triggered a $4 million payment from Genentech, which is helping Seattle Genetics develop the cancer drug. That payment helped to push revenue during the period to $7.1 million, up from $4.3 million a year ago. Operating expenses totaled $26.1 million, up from $14.6 million because of expanded clinical trial costs. The company also has grown its research and development staff since last year. But the biotech has plenty banked away to cover the costs, Siegall reported. As of March 31, Seattle Genetics had $216 million in cash and investments, which includes proceeds of $97.6 million from the company's public stock offering in January. Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.

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