BOTHELL – Seattle Genetics Inc. doubled its revenues but still posted increased losses for the second quarter.
The Bothell-based developer of anti-cancer drugs reported a net loss of $10.6 million, or 18 cents per share, compared with $8.6 million for the same period in 2006.
Revenues climbed from $2.8 million a year ago to $5.6 million for the quarter ending June 30. The company’s expenses jumped from $12.4 million to $18 million over the same quarter, mostly due to late-stage clinical trials and manufacturing activities.
“We are advancing four product candidates in multiple ongoing clinical trials, and along with our collaborators plan to initiate eight additional clinical trials across our portfolio over the next nine months,” said Clay Siegall, chief executive of Seattle Genetics, in a prepared statement.
Despite the losses, the company has strong financial backing.
Earlier this year, Seattle Genetics struck a licensing agreement with Genentech, one of the world’s largest biotechnology companies.
Seattle Genetics projects that it will end 2007 with more than $120 million in cash and investments.
“Our strong financial position and collaboration with Genentech on SGN-40 enables us to aggressively invest in developing our diverse pipeline of therapeutic antibodies for cancer,” Siegall said.
In the first half of 2008, the company plans to file an investigational new-drug application for a fifth antibody product, SGN-70, being developed for hematologic malignancies.
Siegall also provided an update on the company’s product progress:
* SGN-40 is being developed in collaboration with Genentech. During 2007, the companies plan to advance SGN-40 in trials for the treatment of non-Hodgkin’s lymphoma and multiple myeloma.
* SGN-33 is in a dose-escalation clinical trial for acute myeloid leukemia and myelodysplastic syndromes. Additional trials are expected to begin in 2007.
* SGN-35 is in a dose-escalation clinical trial for Hodgkin’s disease and other hematologic malignancies.
* SGN-30 is in several clinical trials sponsored by the National Cancer Institute in combination with chemotherapy as a treatment for Hodgkin’s disease and anaplastic large cell lymphoma.
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