Exelixis Q4 net loss widens

Exelixis said that the increase in the net loss for the quarter was primarily due to the inclusion in 2007 of the gain of $18.1 million associated with the sale of 80.1% of its subsidiary Artemis Pharmaceuticals to Taconic Farms in 2007.

For the year ended December 31, 2008, net loss was $162.9 million, or $1.54 per share, compared to a net loss of $86.4 million, or $0.87 per share, in 2007.

Total revenues for the fourth quarter ended December 31, 2008 were $29.6 million, compared to $29.3 million for the comparable period in 2007. Total revenues for the year 2008 were $117.9 million, compared to $113.5 million in 2007.

The increase in revenues for the full year was primarily due to increased milestone revenue associated with the selection of XL139 and XL413 under the company’s 2007 collaboration agreement with Bristol-Myers Squibb Company, as well as the acceleration of revenue as a result of the conclusion of the development term under its collaboration with GlaxoSmithKline, which ended in October 2008, according to Exelixis.

George Scangos, president and CEO of Exelixis, said: “In 2008, we made significant strides in our R&D, business and corporate development activities. We ended the year with close to $500 million in cash and committed funding. We reduced our operating expenses and we expect to have sufficient financial resources to operate through 2011.”