Seattle Genetics has reported revenues in the second quarter of 2009 as $9.4 million, compared to $10 million in the second quarter of 2008. For the first six months of 2009, revenues were $18.6 million, up from $17.1 million in the same period of 2008.
The company also posts a net loss of $22.5 million, or $0.26 per share for the second quarter of 2009, as compared to $16 million, or $0.20 per share for the second quarter of 2008. For the six months ended June 30, 2009, net loss was $49.7 million or $0.59 per share, compared to $33.1 million or $0.43 per share, for the same period in 2008.
Clay Siegall, president and chief executive officer of Seattle Genetics, said: “The second quarter featured strong clinical data presentations with SGN-35, now named brentuximab vedotin, that continue to demonstrate a compelling objective response rate and tolerability profile in patients with Hodgkin lymphoma or systemic anaplastic large cell lymphoma (ALCL).
“In both of our phase I clinical trials, brentuximab vedotin achieved complete or partial responses in greater than 50 percent of patients treated at the higher dose levels. These data reinforce the potential of brentuximab vedotin and are supportive of our aggressive development plans. We expect to complete accrual to the ongoing pivotal trial for Hodgkin lymphoma in the third quarter of 2009, and we also recently initiated a phase II trial in systemic ALCL. We ended the second quarter financially strong, with $190m in cash and investments, including a $4m upfront payment received under our new antibody-drug conjugate (ADC) collaboration with Millennium: The Takeda Oncology Company. We anticipate continued milestone momentum across our product pipeline and by our ADC collaborators over the remainder of 2009,” he added.