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Trubion Pharmaceuticals Inc. Reports Second-Quarter and First-Half 2010 Financial Results
Date:8/16/2010

SEATTLE, Aug. 16 /PRNewswire-FirstCall/ -- Trubion Pharmaceuticals Inc. (Nasdaq: TRBN) today announced financial results for its second quarter and six months ended June 30, 2010.

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Second-Quarter and First-Half 2010 Financial ResultsRevenue for the second quarter and six months ended June 30, 2010, increased to $5.7 million and $11.2 million, respectively, compared with $4.1 million and $8.3 million, respectively, in 2009. Revenue was primarily earned through the company's strategic collaborations with Pfizer, for the development of CD20-directed candidates, including SBI-087, and Abbott, for the development of CD37-directed targets, including TRU-016.

During the second quarter and first half of 2010, Trubion recognized $3.8 million in revenue from its Abbott collaboration. The $3.8 million includes recognition of $1.1 million from the $20 million upfront fee and $1.4 million equity premium received from Abbott, as well as $2.7 million earned through collaborative research.

The increase in revenue from the Abbott partnership was partially offset by lower revenue generated by Trubion's collaboration with Pfizer. The decrease in revenue was attributed to lower costs related to the retreatment studies of TRU-015 for rheumatoid arthritis (RA) as well as a decrease in the amount of reimbursable legal fees. Revenue earned from Trubion's partnership with Pfizer during the first half of the year was $7.4 million, which included $2.4 million for recognition of the $40 million upfront fee received in January 2006 and $5.0 million earned through collaborative research. This is compared with $8.
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