Trubion Pharmaceuticals, Inc. Reports Third Quarter and Nine Months 2009 Financi...(nine months of 2009 were $10.6 million a...),Health

Net loss for the third quarter and nine months ended Sept. 30, 2009, was $6.2 million, or $0.33 per diluted common share, and $23.9 million, or $1.31 per diluted common share, respectively. This is compared with a net loss of $6.6 million, or $0.37 per diluted common share, and $19.2 million, or $1.07 per diluted common share, in 2008.

Trubion had $61.7 million in cash, cash equivalents and investments as of Sept. 30, 2009, compared with $52.9 million as of Dec. 31, 2008.

"Over the past nine months, we have continued to advance our clinical programs, including TRU-015 for rheumatoid arthritis, TRU-016 for chronic lymphocytic leukemia and SBI-087 for rheumatoid arthritis and systemic lupus erythematosus," said Peter Thompson, M.D., FACP, president, chief executive officer and chairman of Trubion. "The data we've collected from each study to-date suggests that these product candidates may provide differentiated, best-in-class treatments for patients with autoimmune and inflammatory diseases, or cancer. In addition, our Facet agreement has significantly extended our runway, and we continue to meter our expenses to reduce our previously anticipated cash burn rate."

Recent milestones

• On Aug. 27, 2009, Trubion entered into an agreement with Facet for the worldwide development and commercialization of TRU-016, a CD37-directed product candidate in phase 1 clinical development for the treatment of chronic lymphocytic leukemia (CLL). Trubion received an upfront payment of $20 million and may receive up to $176.5 million in additional contingent payments upon the achievement of certain development, regulatory and sales milestones. In addition, Facet purchased 2,243,649 shares of Trubion common stock for an aggregate purchase of $10 million, or $4.46 per share.
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