Nov. 5, 2009 (PR Newswire) -- SEATTLE, Nov. 5 /PRNewswire-FirstCall/ -- Trubion Pharmaceuticals, Inc. (Nasdaq: TRBN) today announced financial results for its third quarter and nine months ended Sept. 30, 2009.
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Third Quarter and Nine Months 2009 Financial Results
Revenue for the third quarter and nine months ended Sept. 30, 2009, was $4.5 million and $12.8 million, respectively, compared with $3.8 million and $12.2 million, respectively, in 2008. Revenues were primarily earned through Trubion's strategic collaborations with Pfizer Inc. and Facet Biotech Corporation (announced Aug. 28, 2009).
Of the $12.8 million in revenue Trubion recognized during the first nine months of 2009, $8.5 million was collaborative research funding from the Pfizer collaboration and $3.6 million for recognition of the $40 million upfront fee received from Wyeth prior to its acquisition by Pfizer. Revenue earned in the nine months ended Sept. 30, 2009, also included $643,000 that was earned through the Facet collaboration. This is composed of $191,000 for recognition of the $20 million upfront fee and $1.4 million equity premium, and $452,000 in collaborative research funding.
This is compared with revenue of $12.2 million recognized in the first nine months of 2008, which was composed of $8.1 million for collaboration research funding from the Pfizer collaboration and $4.1 million for recognition of the $40 million upfront fee paid by Wyeth prior to its acquisition by Pfizer.
Total operating expenses for the third quarter and first nine months of 2009 were $10.6 million and $36.5 million, respectively, compared with $10.4 million and $32.3 million in 2008.
Net loss for the third quarter and nine months ended Sept. 30, 2009, was $6.2 million, or $0.33 per diluted common share, and $23.9 million, or $1.31 per diluted common share, respectively. This is compared with a net loss of $6.6 million, or $0.37 per diluted common share, and $19.2 million, or $1.07 per diluted common share, in 2008.
Trubion had $61.7 million in cash, cash equivalents and investments as of Sept. 30, 2009, compared with $52.9 million as of Dec. 31, 2008.
"Over the past nine months, we have continued to advance our clinical programs, including TRU-015 for rheumatoid arthritis, TRU-016 for chronic lymphocytic leukemia and SBI-087 for rheumatoid arthritis and systemic lupus erythematosus," said Peter Thompson, M.D., FACP, president, chief executive officer and chairman of Trubion. "The data we've collected from each study to-date suggests that these product candidates may provide differentiated, best-in-class treatments for patients with autoimmune and inflammatory diseases, or cancer. In addition, our Facet agreement has significantly extended our runway, and we continue to meter our expenses to reduce our previously anticipated cash burn rate."
Recent milestones
-- On Aug. 27, 2009, Trubion entered into an agreement with Facet for the
worldwide development and commercialization of TRU-016, a CD37-directed
product candidate in phase 1 clinical development for the treatment of
chronic lymphocytic leukemia (CLL). Trubion received an upfront payment
of $20 million and may receive up to $176.5 million in additional
contingent payments upon the achievement of certain development,
regulatory and sales milestones. In addition, Facet purchased 2,243,649
shares of Trubion common stock for an aggregate purchase of $10 million,
or $4.46 per share.
-- Trubion presented the second course of re-treatment data from a Phase 2b
study (15002) of TRU-015 for rheumatoid arthritis (RA) at the American
College of Rheumatology (ACR) Annual Meeting in Oct. 2009.
