- Albuferon Phase 3 trials complete enrollment two months ahead of schedule
- - Progress continues on LymphoStat-B, ABthrax and TRAIL receptor antibody
- 2007 net cash burn on track for $145-165 million -
ROCKVILLE, Md., Nov. 1 /PRNewswire-FirstCall/ -- Human Genome Sciences, Inc. (Nasdaq: HGSI) today announced financial results and key developments for the quarter ended September 30, 2007.
"We are making good progress with our Phase 3 clinical trials of Albuferon(R) in patients with chronic hepatitis C and LymphoStat-B(R) in patients with lupus," said H. Thomas Watkins, President and Chief Executive Officer. "We completed enrollment of both of our Albuferon Phase 3 trials ahead of schedule. Enrollment of LymphoStat-B Phase 3 trials is progressing, and we expect to complete enrollment in 2008. We have met all milestones to date under our $165 million contract to supply ABthrax(TM) to the U.S. Strategic National Stockpile. Our cash position remains strong, and we are moving steadily toward commercialization."
HGS reported that net cash burn for the nine months ended September 30, 2007 totaled $81.2 million, net of $87.5 million in milestone payments received from Novartis.
"Even with the early full enrollment of the two Albuferon Phase 3
trials, we continue to expect net cash burn for 2007 in the range of
$145-165 million," said Tim Barabe, Senior Vice President and Chief
Financial Officer. "Our focus on controlling net cash burn is an important
|SOURCE Human Genome Sciences, Inc.|
Copyright©2007 PR Newswire.
All rights reserved