Seattle Genetics Q1 net loss increases

Revenues in the first quarter of 2009 were $9.1 million, up from $7.1 million in the first quarter of 2008. Revenues increased primarily as a result of the earned portion of the upfront fee, reimbursements and milestone payments received under the company’s dacetuzumab collaboration with Genentech, the company said.

Clay Siegall, president and CEO of Seattle Genetics, said: “We have started 2009 with substantial momentum, achieving multiple goals across our product pipeline and continuing to drive our programs toward commercialization. Already in 2009, we have received a special protocol assessment and initiated a pivotal trial of SGN-35 for Hodgkin lymphoma, positioning us to launch our first product in 2012.

“We also completed enrollment in a large Phase IIb overall survival trial of lintuzumab, from which we expect data in the first half of 2010, and reported compelling preclinical data with dacetuzumab that support our broad clinical development program. From a business perspective, we raised $53 million through a public offering and entered into an antibody-drug conjugate collaboration with Millennium, further strengthening our financial position and enabling us to continue aggressively advancing our pipeline.”