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Trubion Pharmaceuticals, Inc. Reports Third Quarter and Nine Months 2009 Financial Results
Date:11/5/2009

nine months of 2009 were $10.6 million and $36.5 million, respectively, compared with $10.4 million and $32.3 million in 2008.

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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SOURCE Trubion Pharmaceuticals, Inc.
Copyright©2009 PR Newswire.
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Related medicine technology :

1. Trubion Announces Upcoming Presentation at 8th Annual BIO Investor Forum
2. Trubion Announces Positive Data From a Phase 1 / 2 Study of TRU-016 for the Treatment of Chronic Lymphocytic Leukemia (CLL)
3. Trubion Pharmaceuticals, Inc. Announces Upcoming Presentation at the 2009 American Association of Cancer Research Annual Meeting
4. Trubion Pharmaceuticals Announces Extension of Research Period Under Its Wyeth Collaboration
5. Trubion Pharmaceuticals Announces Presentation of Positive TRU-015 and SBI-087 Data at the 2008 Annual European Congress of Rheumatology Meeting
6. Trubion Announces Presentation of Positive TRU-016 Data at ASCO
7. Trubion Announces Initiation of Phase 2b Study of TRU-015 for the Treatment of Rheumatoid Arthritis
8. Trubion Announces Initiation of Phase 1 Study of SBI-087 for the Treatment of Rheumatoid Arthritis
9. Trubion Initiates Phase 1/2 Study of TRU-016 in CLL, Announces Next-Generation Product Candidate for RA and Provides Product Pipeline Update
10. Trubion Announces Initiation of Phase I/II Clinical Trial of TRU-015 for the Treatment of B-Cell Non-Hodgkins Lymphoma
11. Trubion Pharmaceuticals Announces Presentation of Positive Data From Phase IIb and Re-treatment Studies With TRU-015 in Patients With Rheumatoid Arthritis
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