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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 succes
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