HGS reported increased revenues for the quarter ended March 31, 2008 of $12.3 million, compared with revenues of $9.3 million for the same period in 2007. Revenues included $8.9 million recognized from the Albuferon agreement with Novartis, and $1.6 million in revenue recognized from the LymphoStat-B agreement with GlaxoSmithKline (GSK).
The Company reported a net loss for the quarter ended March 31, 2008 of $46.9 million ($0.35 per share), compared with a net loss for the first quarter of 2007 of $51.0 million ($0.38 per share).
Net cash burn for the three months ended March 31, 2008 totaled $36.1 million, net of $47.3 million received from Teva Pharmaceutical Industries Ltd., in partial payment for CoGenesys, Inc. stock previously owned by HGS.
As of March 31, 2008, cash and investments totaled $591.3 million, of which $519.0 million is unrestricted and available for operations. This compares with cash and investments totaling $603.8 million, of which $532.9 million was unrestricted and available for operations, as of December 31, 2007.
"Our cash position remains strong and our 2008 net cash burn is on track for $135-155 million as previously guided," said Tim Barabe, Senior Vice President and Chief Financial Officer, HGS.
HIGHLIGHTS OF RECENT PROGRESS
LymphoStat-B(R): Phase 3 Enrollment for BLISS-52 Completed; First Phase 3 Data Expected by Mid-2009
In April 2008, HGS announced the completion of enrollment and initial
dosing in BLISS-52, one of two pivotal Phase 3 clinical trials of
LymphoStat-B (belimumab) in patients with active systemic lupus
erythematosus (SLE). Completion of enrollment for the other pivotal Phase 3
trial, BLISS-76, is expected by the end of summer 2008. HGS now expects to
have the first Phase 3 data for LymphoStat-B ava
|SOURCE Human Genome Sciences, Inc.|
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