Trubion Pharmaceuticals Reports $4.1m Q2 Revenue

Trubion Pharmaceuticals has posted revenue for the second quarter $4.1 million, compared to $4.5 million for the same period an year ago. For the six month ended period, it has posted revenue of $8.3 million compared to $8.4 million for the same period an year ago.

The company has also posted a net loss for the second quarter at $6.7 million, or $0.37 per diluted common share, compared to $6.6 million, or $0.37 per diluted common share. For the six month ended period, the net loss was $17.7 million, or $0.99 per diluted common share, as compared to $12.6 million or $0.71 per diluted common share in 2008.

Peter Thompson, president, chief executive officer and chairman of Trubion, said: We are pleased with the advancement of our partnered and proprietary product candidates in the first half of 2009. Data from our ongoing maintenance therapy studies with TRU-015 in RA continue to demonstrate sustained and robust clinical responses with a convenient single dose regimen given every six months.

We look forward to the results later this year of our second Phase 2b regimen-finding study (2203) after observation of enhanced ACR responses following the first course of re-treatment in the Phase 2b 15002 study. Wyeth’s decision to extend the research portion of our collaboration agreement is further endorsement of our technology and we look forward to continuing to advance TRU-015, SBI-087 and the other novel therapeutics currently under joint development, he added.

In addition, results from a single agent study of our proprietary CD37-directed SMIP therapeutic, TRU-016, reported at ASCO showed promising activity in a heavily pre-treated patient population that included a substantial portion of patients with molecular markers known to be predictive of resistance to other therapies. We are also pleased by our continued progress in the development of our multi-specific SCORPION technology, both for targeting cell-surface molecules like CD79b and HLA-DR, as well simultaneously neutralizing soluble ligands like TNF and IL-6, Mr. Thompson concluded.