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Trubion Pharmaceuticals Inc. Reports Third Quarter and Nine Months 2008 Results
Date:11/10/2008

SEATTLE, Nov. 10 /PRNewswire-FirstCall/ -- Trubion Pharmaceuticals Inc. (Nasdaq: TRBN) announced today financial results for its third quarter and nine months ended Sept. 30, 2008.

Third Quarter and Nine Months Financial Results

Revenue for the third quarter and nine months ended Sept. 30, 2008, was $3.8 million and $12.2 million respectively, compared with $4.6 million and $14.5 million respectively in 2007. Revenue in the third quarter and nine months ended Sept. 30, 2008, was earned through Trubion's strategic collaboration with Wyeth Pharmaceuticals, including research and development services. The three- and nine-month decreases in earned revenue were due to a decrease in reimbursement revenue related to the Phase 2b clinical trial for our lead product candidate, TRU-015, for the treatment of rheumatoid arthritis (RA), and an extension of the recognition of the upfront fee from Wyeth. Currently, Trubion's clinical development obligations under the agreement are limited to conducting ongoing re-treatment studies for TRU-015. The ongoing second Phase 2b study and future studies will be conducted by Wyeth.

The $12.2 million recognized in the nine months ended Sept. 30, 2008, consists of $4.1 million for amortization of the $40 million upfront fee received from Wyeth and $8.1 million for collaborative research funding from the Wyeth partnership. This is compared with revenue of $14.5 million recognized in the nine months ended Sept. 30, 2007, which was composed of $5.5 million for the amortization of the $40 million upfront fee received from Wyeth and $9.0 million for collaborative research funding from the Wyeth partnership.

Total operating expenses for the third quarter and nine months ended Sept. 30, 2008,
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SOURCE Trubion Pharmaceuticals Inc.
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