ICOS posts a loss of $21.7 million for third quarter

Herald staff

BOTHELL — ICOS Corp. continued to lose money during the past three months, a consequence of late-stage drug trials.

The third-quarter loss amounted to $21.7 million, or 47 cents a share, the company reported Thursday. That compares to a loss of $16.4 million, or 37 cents a share, during the comparable period last year.

The biotechnology firm, which has yet to reach the commercial market, is developing several drugs, including one for male impotence.

In a move that will increase revenue for the company while it develops those drugs, ICOS announced Thursday that it has signed an agreement with Seattle Genetics to do cell culture work for the Seattle company in ICOS labs.

  • St. Louis plant on block: Boeing Co. plans to sell its St. Louis parts fabrication plant to the British firm GKN, Boeing officials said Thursday. The deal will mean the loss of about 300 jobs.

  • Weyerhaeuser falls: Profits at Weyerhaeuser Co. fell 16 percent in the third quarter, the forest products company reported Thursday, even though net sales rose. A 73 percent drop in operating profits from its wood products line was offset by a 140 percent increase in profits from wood pulp, paper and packaging businesses.

  • Thursday prices: Gold sold for $270.30 a troy ounce, silver sold for $4.875 and platinum sold for $602.90

  • Deficit shrinks: America’s trade deficit declined to $29.4 billion, the lowest level in six months, as exports hit an all-time high, bolstered by strong overseas sales of autos, computer products and farm goods, the government reported.
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