enhance the pharmacologic properties of monoclonal antibodies developed by
HGS that specifically target antigens discovered by HGS. Under the terms of
the agreement, Xencor will receive an upfront payment and is eligible to
receive additional payments including development and commercial
milestones, and royalties on any products commercialized under the
agreement. HGS will be responsible for all preclinical and clinical
development, manufacturing and commercialization. Financial terms were not
disclosed. This agreement demonstrates the continuing HGS commitment to
targeted innovation based on HGS discoveries and the Company's extensive
intellectual property estate.
2008 FINANCIAL GUIDANCE
HGS updated the financial guidance provided in early January:
-- HGS expects 2008 net cash burn of $135 million to $155 million.
-- Revenue is expected to increase from $42 million in 2007 to $160
million or higher in 2008, including $100 million to $120 million from
ABthrax product sales in late 2008.
-- HGS expects cash and investments at year-end 2008 to total $450 million
to $470 million, compared with $603.8 million at the end of 2007.
This guidance reflects $47.3 million received by HGS in February 2008
from Teva Pharmaceutical Industries Ltd., in partial payment for the 13% of
CoGenesys, Inc. owned by HGS. HGS expects to receive an additional $5.3
million from this transaction in the first quarter of 2009.
HGS management will hold a conference call to discuss this announcement
today at 4:30 PM Eastern time. Investors may listen to the call by dialing
888-221-9588 or 913-312-1469, passcode 4474660, five to 10 minutes before
the start of the call. A replay of the conference call will be available
within a few hours after the call ends. Investors may listen to the replay
by dialing 888-203-1112 or 719-457-0820, confirmation code 4474660. Today's
conference call also will be
Page: 1 2 3 4 5 6 7 8 9 10 11 Related biology technology :1
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