Navigation Links
Trubion Pharmaceuticals Inc. Reports Fourth-Quarter and Year-Ended 2007 Financial Results and Provides 2008 Financial Outlook
Date:3/13/2008

SEATTLE, March 13 /PRNewswire-FirstCall/ -- Trubion Pharmaceuticals Inc. (Nasdaq: TRBN) today announced financial results for its fourth quarter and year ended Dec. 31, 2007, as well as 2008 financial guidance.

Fourth Quarter and Year 2007 Financial Results

Revenue for the fourth quarter of 2007 was $5.7 million compared with $6.4 million for the fourth quarter of 2006. Revenue for the year ended Dec. 31, 2007, was $20.1 million compared with $36.5 million for the year ended Dec. 31, 2006. Revenue in 2007 was earned through the company's strategic collaboration with Wyeth Pharmaceuticals and consisted of collaborative research funding and amortization of the upfront fee of $40 million received in January 2006. The three-month and 12-month decreases were due to reduced reimbursement revenue from the Wyeth collaboration as a result of the successful transfer of manufacturing activities for TRU-015 from Trubion to Wyeth during 2007, and decreased revenue from the recognition of the $40 million upfront fee from Wyeth due to a change in the estimated research and development period. These decreases were partially offset by an increase in reimbursable clinical costs related to Trubion's Phase IIb clinical trial for TRU-015 completed in July 2007. The 12-month decrease was also due to decreased milestone revenue in 2007 compared with 2006.

Total operating expenses for the fourth quarter of 2007 were $11.4 million compared with $12.2 million for the fourth quarter of 2006. Total operating expenses for the year ended Dec. 31, 2007, were $47.3 million compared with $42.8 million for the year ended Dec. 31, 2006. The three-month decrease was primarily due to a decrease in outside manufacturing costs for TRU-015 due to the successful transfer of manufacturing activities to Wyeth during 2007. This decrease was partially offset by increased clinical costs related to the company's Phase IIb clinical trial for TRU-015 and increased personnel-related expenses due to increased headcount.

The 12-month increase was primarily due to increased clinical costs related to the company's Phase IIb clinical trial for TRU-015, increased personnel-related expenses due to increased headcount, and increased outside manufacturing costs related to Trubion's TRU-016 product candidate. These increases were partially offset by lower outside manufacturing costs for TRU-015 due to the successful transfer of manufacturing activities to Wyeth during 2007 and lower non-cash stock-based compensation charges.

Net loss for the fourth quarter of 2007 was $4.9 million, or $0.28 per diluted common share, compared with a net loss of $4.8 million, or $0.33 per diluted common share, for the fourth quarter of 2006. For the year ended Dec. 31, 2007, net loss was $23.3 million, or $1.32 per diluted common share, compared with a net loss of $3.9 million, or $0.83 per diluted common share, for the year ended Dec. 31, 2006.

Trubion had $78.5 million in cash, cash equivalents and investments as of Dec. 31, 2007, compared with $105.8 million as of Dec. 31, 2006.

"In 2007 we continued our mission to develop a family of first-in-class and best-in-class product candidates, customized for optimal safety, efficacy and convenience, that could offer improved patient experiences," said Peter Thompson, M.D., FACP, president, chief executive officer and chairman of Trubion. "We and our partner continued to advance the clinical development of our lead product candidate, TRU-015, for the treatment of rheumatoid arthritis, began clinical evaluation of TRU-015 in non-Hodgkin's lymphoma (NHL) and expect to do the same in systemic lupus erythematosus (SLE) later this year. In 2008, we expect our research and clinical advancements to continue with Phase 1 clinical study of our proprietary product, TRU-016, as well as other product candidates."

2008 Financial Guidance

Trubion anticipates 2008 revenues to be in the range of $15 million to $20 million earned through the company's Wyeth collaboration. Total operating expenses are expected to be approximately $53 million to $58 million for 2008. The planned increase in 2008 operating expenses is primarily attributable to clinical trial expenses associated with the retreatment study being completed by Trubion for its lead product candidate, TRU-015, manufacturing and clinical costs associated with its TRU-016 product candidate, and increased personnel-related expense. Operating cash requirements in 2008 are expected to be approximately $35 million to $40 million.

Conference Call Details

Trubion will host a conference call and webcast to discuss its fourth-quarter and year-ended 2007 financial results and provide an update on business activities. The call will be held March 13 at 2 p.m. Pacific Time, 5 p.m. Eastern Time. The live event will be available from Trubion's website athttp://investors.trubion.com/events.cfm, or by calling 1 (877) 545-1491 or 1 (719) 325-4931. A replay of the discussion will be available beginning 8 p.m. Eastern Time from Trubion's website or by calling 1 (888) 203-1112 or 1 (719) 457-0820, and entering 7634379. The telephone replay will be available until midnight, Monday, March 17, 2008.

About Trubion

Trubion is a biopharmaceutical company that is creating a pipeline of novel protein therapeutic product candidates to treat autoimmune and inflammatory diseases and cancer. The company's mission is to develop a variety of first-in-class and best-in-class product candidates, customized for optimal safety, efficacy, and convenience that it believes may offer improved patient experiences. Trubion's current product candidates are novel single-chain protein, or SMIP(TM), therapeutics, and are designed using its custom drug assembly technology. Trubion's lead product candidate, TRU-015, has completed a Phase 2b clinical trial for the treatment of rheumatoid arthritis, and is also in development under the Wyeth collaboration for the treatment of non-Hodgkin's lymphoma, Systemic Lupus Erythematosus and other undisclosed indications.

Trubion's proprietary product candidate, TRU-016, is a novel CD37-targeted therapy for the treatment of B-cell malignancies currently in Phase 1 clinical evaluation. In addition to Trubion's current product candidates, the company is also developing additional alliance and proprietary product candidates that build on its product development experience. More information is available in the investors section of Trubion's website: investors.trubion.com.

Forward-Looking Statements

Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. These statements include, but are not limited to, those related to the company's future clinical development programs and the timing thereof, the company's expected financial and operating results, future clinical development plans, the details of the clinical trials and the results and timing thereof, and the timing of regulatory applications and action. These statements are based on current expectations and assumptions regarding future events and business performance and involve certain risks and uncertainties that could cause actual results to differ materially. These risks include, but are not limited to, risks associated with the company's Wyeth collaboration, including Wyeth's control over development timelines, the risks that the Company is unable to advance its clinical development programs and regulatory applications and action at the rate it expects, the risk that the Company does not achieve the financial and operating results it expects, and such other risks as identified in the company's quarterly report on Form 10-K for the period ended December 31, 2007, and from time to time in other reports filed by Trubion with the U.S. Securities and Exchange Commission. These reports are available on the Investors page of the company's corporate Web site at http://www.trubion.com. Trubion undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.

TRBN-G

For more information, contact:

Trubion Pharmaceuticals Inc.

Jim DeNike

Senior Director, Corporate Communication

(206) 838-0500

jdenike@trubion.com

Waggener Edstrom Healthcare

Jenny Moede

Senior Vice President

(503) 443-7000

jmoede@wagged.com

(Tables Follow)

TRUBION PHARMACEUTICALS. INC.

STATEMENTS OF OPERATIONS

(In thousands, except per share data)

Three months Twelve months

ended ended

December 31, December 31,

2007 2006 2007 2006

Revenue $5,698 $6,355 $20,148 $36,530

Operating expenses:

Research and development 8,265 9,858 36,466 33,309

General and administrative 3,181 2,372 10,833 9,473

Total operating expenses 11,446 12,230 47,299 42,782

Loss from operations (5,748) (5,875) (27,151) (6,252)

Interest income 1,025 1,105 4,607 2,494

Interest expense (204) (109) (770) (272)

Other income - 79 - 101

Net loss $(4,927) $(4,800) $(23,314) $(3,929)

Basic and diluted net loss

per share $(0.28) $(0.33) $(1.32) $(0.83)

Shares used in computation

of basic and diluted net

loss per share 17,789 14,739 17,688 4,744

December December

31, 31,

2007 2006

Balance Sheet Data:

Cash and cash equivalents $41,827 $56,414

Investments 36,688 49,387

Total assets 95,174 121,394

Deferred revenue 24,854 31,778

Total stockholders' equity 53,313 72,654


'/>"/>
SOURCE Trubion Pharmaceuticals Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Trubion Pharmaceuticals to Present at the Lazard Capital Markets Healthcare Investor Conference
2. Trubion Pharmaceuticals Inc. Reports Third Quarter and Nine Months 2007 Financial Results
3. Trubion Pharmaceuticals Announces Upcoming Presentations at American College of Rheumatology Annual Scientific Meeting
4. Trubion Pharmaceuticals to Present at Upcoming Investor Conferences
5. ADVENTRX Pharmaceuticals, Inc. Reports Fourth Quarter and Full Year 2007 Financial Results
6. Keryx Biopharmaceuticals to Present at the Cowen and Company 28th Annual Health Care Conference
7. Nventa Biopharmaceuticals Reports Full Year 2007 and Fourth Quarter Financial Results
8. Sagent Pharmaceuticals Launches Cefazolin for Injection, USP
9. Arena Pharmaceuticals to Present at Two Upcoming Investor Conferences
10. Memory Pharmaceuticals Refocuses to Advance Development and Clinical Programs
11. Anadys Pharmaceuticals to Present at the Cowen and Company Healthcare Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/25/2016)... ... May 25, 2016 , ... Biohaven ... Administration (FDA) has granted the company’s orphan drug designation request covering BHV-4157 for ... designation granted by the FDA. , Spinocerebellar ataxia is a rare, debilitating ...
(Date:5/24/2016)... TEL AVIV, Israel , May 24, 2016   ... on providing physicians with artificial intelligence, real-time decision support tools ... selected to present at the 2016 Israeli Advanced Technology Industries ... part of Israel,s 15th National Life ... to 26th at the David Intercontinental Hotel in ...
(Date:5/24/2016)... ... May 24, 2016 , ... Media ... The new Media Cybernetics corporate branding reflects a results-driven revitalization for a company ... analysis. The re-branding components include a crisp, refreshed logo and a new web ...
(Date:5/23/2016)... , ... May 23, 2016 , ... ... Will Drive Precision Farming in 2017 and Beyond. The paper outlines the key ... the precision ag industry. , “We’ve witnessed a lot of highs and lows ...
Breaking Biology Technology:
(Date:3/14/2016)... , Allemagne, March 14, 2016 ... http://www.apimages.com ) - --> - Renvoi : ... - --> --> ... solutions biométriques, fournit de nouveaux lecteurs d,empreintes digitales ... LF10 de DERMALOG sera utilisé pour produire des ...
(Date:3/11/2016)... March 11, 2016 --> ... research report "Image Recognition Market by Technology (Pattern Recognition), ... Advertising), by Deployment Type (On-Premises and Cloud), by Industry ... published by MarketsandMarkets, the global market is expected to ... 29.98 Billion by 2020, at a CAGR of 19.1%. ...
(Date:3/10/2016)... --  Unisys Corporation (NYSE: UIS ) today announced ... testing its biometric identity solution at the Otay Mesa border ... identify certain non-U.S. citizens leaving the country. ... determine the efficiency and accuracy of using biometric technologies in ... until May 2016. --> the United States ...
Breaking Biology News(10 mins):