Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Seattle Genetics, a clinical stage biotechnology, has reported a net loss of $30.6 million, or $0.38 per share, for the fourth quarter ended December 31, 2008, compared to $14.9 million, or $0.22 per share, for the fourth quarter of 2007.
Subscribe to our email newsletter
Revenues for the fourth quarter of 2008 were $10.1 million, up from $7.8 million in the fourth quarter of 2007.
For the full year 2008, revenues were $35.2 million, compared to $22.4 million for the year 2007. Revenues increased in 2008 primarily as a result of the earned portion of reimbursements, upfront and milestone payments received under the company’s dacetuzumab collaboration with Genentech.
For the year 2008, net loss was $85.5 million, or $1.09 per share, compared to $48.9 million, or $0.80 per share, for the year 2007.
Clay Siegall, president and CEO of Seattle Genetics, said: Our 2008 accomplishments were marked by substantial progress across our product pipeline, in particular by successfully demonstrating the therapeutic potential of SGN-35 and the promise of our antibody-drug conjugate technology for patients with cancer. As a result, during the first quarter of 2009 we plan to initiate a pivotal trial of SGN-35 for Hodgkin lymphoma under a special protocol assessment, which will be a major milestone for the company.