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news.Affymax has reported a net loss of $15.6 million for the first quarter ended March 31, 2008 compared to a net loss of $7.2 million for the first quarter of 2007.
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Affymax’s total revenues for the quarter ended March 31, 2008 were $16.7 million compared to $7.3 million for the quarter ended March 31, 2007. The increase in revenue was the result of increased collaboration revenue from its partnership with Takeda Pharmaceutical Company, under their 2006 collaboration for development of Affymax’s compound, Hematide and a one-time $1.4 million adjustment resulting from an amendment to the collaboration agreements.
Research and development expenses for the quarter ended March 31, 2008, were $25.4 million compared to $11.9 million for the quarter ended March 31, 2007. The increase was primarily due to additional expenses related to Phase III clinical trials of Hematide in renal indications as well as increased personnel costs.
Arlene Morris, president and CEO of Affymax, said: “We are making strong progress in our Phase III clinical trials of Hematide to treat anemia in chronic renal failure patients. We continue to expect to complete enrollment by the end of 2008.”