Net loss for the third quarter and nine months ended Sept. 30, 2007, was $5.9 million, or $0.33 per diluted common share, and $18.4 million, or $1.04 per diluted common share, respectively, compared with net income of $5.4 million, or $0.40 per diluted common share, and $871,000, or $0.06 per diluted common share respectively in 2006.
Trubion had $86.6 million in cash, cash equivalents and investments as of Sept. 30, 2007, compared with $90.3 million as of June 30, 2007.
"We are pleased with our progress in the third quarter," said Peter Thompson, M.D., FACP, Trubion's president, chief executive officer and chairman. "We continued to advance the development of multiple product candidates and reported positive preliminary results of our Phase IIb trial evaluating TRU-015 for the treatment of Rheumatoid Arthritis. In the fourth quarter we expect to begin TRU-015 Phase I clinical trials for both Systemic Lupus Erythematosus and non-Hodgkin's lymphoma, and have recently filed an investigational new drug application for our proprietary candidate, TRU-016 for B-cell malignancies."
2007 Financial Guidance
As a result of lower anticipated reimbursement revenue and lower expenses due primarily to the successful transfer of manufacturing activities for TRU-015 from Trubion to Wyeth, the company expects 2007 results to fall within the low end of, or slightly below, its previously provided ranges. The guidance ranges previously provided by the company include:
-- Revenue - $20 million to $25 million. Revenue is generated from fees,
|SOURCE Trubion Pharmaceuticals Inc.|
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