SEATTLE, Nov. 12 /PRNewswire-FirstCall/ -- Trubion Pharmaceuticals Inc. (Nasdaq: TRBN) announced today financial results for its third quarter and nine months ended Sept. 30, 2007.
Third Quarter and Nine Months Financial Results
Revenue for the third quarter and nine months ended Sept. 30, 2007, was $4.6 million and $14.5 million, respectively, compared with $16.5 million and $30.2 million, respectively, in 2006. The three- and nine-month decreases were due to decreased milestone revenue, 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 up-front fee from Wyeth due to a change in the estimated research and development service 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.
Total operating expenses for the third quarter and nine months ended Sept. 30, 2007, were $11.5 million and $35.9 million, respectively, compared with $11.6 million and $30.6 million, respectively, in 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 our Phase IIb clinical trial for TRU-015, increased personnel- related expenses due to increased headcount and increased outside manufacturing costs related to our TRU-016 product candidate.
The nine-month increase was primarily due to increased clinical costs
|SOURCE Trubion Pharmaceuticals Inc.|
Copyright©2007 PR Newswire.
All rights reserved