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news.Seattle Genetics, a clinical stage biotechnology company, has reported revenues of $46.45m for the first quarter ended March 31, 2010, compared to $9.14m for the comparable period in 2009.
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Seattle Genetics has posted a net income of $11.46m for the first quarter 2010, or $0.11 per diluted share, compared to net loss of $27.26m, or $0.33 per diluted share, for the prior year period. Income from operations was $10.9m, compared to loss of $28.26m for the year ago period.
The increase in revenues was driven by the earned portion of payments received under the company’s dacetuzumab (SGN-40) collaboration with Genentech, which will end in June 2010.
Clay Siegall, president and CEO of Seattle Genetics, said: “We ended the first quarter in a strong financial position, and we remain on target to achieve several key milestones in the remainder of the year, including data from our pivotal brentuximab vedotin (SGN-35) trial in Hodgkin lymphoma and data from our Phase IIb lintuzumab (SGN-33) trial in acute myeloid leukemia.
“We are also advancing several earlier-stage programs, including SGN-75, an antibody-drug conjugate (ADC) that is in phase I for non-Hodgkin lymphoma and renal cell carcinoma, and ASG-5ME, an ADC that is on track to begin phase I testing in prostate and pancreatic cancers this year.”