SEATTLE, Aug. 6 /PRNewswire-FirstCall/ -- Trubion Pharmaceuticals Inc. today announced financial results for its second quarter and six months ended June 30, 2009.
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Second Quarter and Six Months 2009 Financial Results
Revenue for the second quarter and six months ended June 30, 2009 was $4.1 million and $8.3 million, respectively, compared with $4.5 million and $8.4 million, respectively, in 2008. Revenue was earned through the company’s strategic collaboration with Wyeth Pharmaceuticals.
Of the $8.3 million in revenue Trubion recognized during the first half of 2009, $5.9 million was for collaborative research funding and $2.4 million reflected amortization of the $40 million up-front fee received from Wyeth in January 2006. This is compared with revenue of $8.4 million recognized in the first half of 2008, which was composed of $5.5 million for collaborative research funding and $2.9 million for amortization of the $40 million upfront fee.
On June 22, 2009, Wyeth exercised its option to extend the research portion of its strategic collaboration for an additional one-year period. Under the terms of the extension, Wyeth will pay Trubion approximately $3.4 million in exchange for research services through Dec. 22, 2010.
Total operating expenses for the second quarter and first half of 2009 were $10.7 million and $25.9 million, respectively, compared with $11.4 million and $21.9 million in 2008.
Net loss for the second quarter and six months ended June 30, 2009 was $6.7 million, or $0.37 per diluted common share, and $17.7 million, or $0.99 per diluted common share, respectively. This is compared to a net loss of $6.6 million, or $0.37 per diluted common share, and $12.6 million, or $0.71 per diluted common share, in 2008.
Trubion had $37.5 million in cash, cash equivalents and investments as of June 30, 2009, compared with $44 million as of March 31, 2009.
“We are pleased with the advancement of our partnered and proprietary product candidates in the first half of 2009. Data from our ongoing maintenance therapy studies with TRU-015 in RA continue to demonstrate sustained and robust clinical responses with a convenient single dose regimen given every six months,” said Peter Thompson, M.D., FACP, president, chief executive officer and chairman of Trubion. “We look forward to the results later this year of our second Phase 2b regimen-finding study (2203) after observation of enhanced ACR responses following the first course of re-treatment in the Phase 2b 15002 study. Wyeth’s decision to extend the research portion of our collaboration agreement is further endorsement of our technology and we look forward to continuing to advance TRU-015, SBI-087 and the other novel therapeutics currently under joint development.”
Dr. Thompson added, “In addition, results from a single agent study of our proprietary CD37-directed SMIP(TM) therapeutic, TRU-016, reported at ASCO showed promising activity in a heavily pre-treated patient population that included a substantial portion of patients with molecular markers known to be predictive of resistance to other therapies. We are also pleased by our continued progress in the development of our multi-specific SCORPION(TM) technology, both for targeting cell-surface molecules like CD79b and HLA-DR, as well simultaneously neutralizing soluble ligands like TNF and IL-6.”
Recent milestones
2009 Financial Guidance
Trubion’s current 2009 financial guidance includes the following:
This guidance does not include any additional cash receipts associated with potential new partnerships.
Conference Call Details
Trubion will host a conference call and webcast to discuss its second quarter and six months ended 2009 financial results and provide an update on business activities. The call will be held Aug. 6 at 2 p.m. Pacific Time, 5 p.m. Eastern Time. The live event will be available from Trubion’s website at http://investors.trubion.com, or by calling 877-440-5785 or 719-325-4854. A replay of the discussion will be available beginning 8 p.m. Eastern Time from Trubion’s website or by calling 888-203-1112 or 719-457-0820 and entering 9291496. The telephone replay will be available until midnight, Aug. 13, 2009.
About Trubion
Trubion is a biopharmaceutical company that is creating a pipeline of novel protein therapeutic product candidates to treat autoimmune and inflammatory diseases and cancer. The Company’s mission is to develop a variety of first-in-class and best-in-class product candidates, customized for optimal safety, efficacy and convenience that it believes may offer improved patient experiences. Trubion’s current product candidates are novel single-chain protein, or SMIP, therapeutics, and are designed using its custom drug assembly technology. Trubion’s product pipeline includes CD20-directed SMIP therapeutics such as TRU-015 and SBI-087 for autoimmune and inflammatory diseases, developed under the Company’s Wyeth collaboration. Trubion’s product pipeline also includes Trubion’s proprietary product candidate, TRU-016, a novel CD37-targeted therapy for the treatment of B-cell malignancies that is currently in Phase 1 / 2 clinical evaluation. In addition to Trubion’s current clinical stage product pipeline, the Company is also developing its multi-specific SCORPION technology, both for targeting cell-surface molecules like CD79b and HLA-DR, as well simultaneously neutralizing soluble ligands like TNF and IL-6. More information is available in the investors section of Trubion’s website: http://investors.trubion.com/index.cfm.
Forward-Looking Statements
Certain statements in this release may constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. These statements include, but are not limited to, those related to the potential development and commercialization of Company product candidates and those related to the Company’s future financial guidance. These statements are based on current expectations and assumptions regarding future events and business performance and involve certain risks and uncertainties that could cause actual results to differ materially. These risks include, but are not limited to, risks associated with the Company’s Wyeth collaboration, including Wyeth’s control over development timelines, the risks that the Company is unable to advance its clinical development programs and regulatory applications and action at the rate it expects, the risks that the Company is unable to develop or commercialize its product candidates, the risk that the Company does not achieve the financial results that it expects and such other risks as identified in the Company’s quarterly report on Form 10-Q for the period ended June 30, 2009, and from time to time in other reports filed by Trubion with the U.S. Securities and Exchange Commission. These reports are available on the Investors page of the company’s corporate website at http://www.trubion.com. Trubion undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
TRBN-E
SOURCE Trubion Pharmaceuticals Inc.
CONTACT: Jim DeNike, Senior Director, Corporate Communications of Trubion
Pharmaceuticals Inc., +1-206-838-0500, jdenike@trubion.com; or Amy Petty,
Senior Account Executive of Waggener Edstrom Worldwide Healthcare,
+1-617-576-5788, amyp@waggeneredstrom.com
Web site: http://www.trubion.com/
