Trubion Pharmaceuticals, Inc. Reports Third Quarter and Nine Months 2009 Financi...( SEATTLE Nov. 5 /- Trubion Pharmaceuti...),Health

SEATTLE, Nov. 5 /PRNewswire-FirstCall/ -- Trubion Pharmaceuticals, Inc. (Nasdaq: TRBN) today announced financial results for its third quarter and nine months ended Sept. 30, 2009.

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Third Quarter and Nine Months 2009 Financial Results

Revenue for the third quarter and nine months ended Sept. 30, 2009, was $4.5 million and $12.8 million, respectively, compared with $3.8 million and $12.2 million, respectively, in 2008. Revenues were primarily earned through Trubion's strategic collaborations with Pfizer Inc. and Facet Biotech Corporation (announced Aug. 28, 2009).

Of the $12.8 million in revenue Trubion recognized during the first nine months of 2009, $8.5 million was collaborative research funding from the Pfizer collaboration and $3.6 million for recognition of the $40 million upfront fee received from Wyeth prior to its acquisition by Pfizer. Revenue earned in the nine months ended Sept. 30, 2009, also included $643,000 that was earned through the Facet collaboration. This is composed of $191,000 for recognition of the $20 million upfront fee and $1.4 million equity premium, and $452,000 in collaborative research funding.

This is compared with revenue of $12.2 million recognized in the first nine months of 2008, which was composed of $8.1 million for collaboration research funding from the Pfizer collaboration and $4.1 million for recognition of the $40 million upfront fee paid by Wyeth prior to its acquisition by Pfizer.

Total operating expenses for the third quarter and first
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