Originally published November 5, 2009 at 3:37 PM | Page modified November 6, 2009 at 10:22 AM
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ZymoGenetics narrows 3Q loss
ZymoGenetics said its third-quarter loss narrowed substantially as it pared expenses by 20 percent from the same period last year and increased revenue from research collaborations.
By Seattle Times business staff
ZymoGenetics said its third-quarter loss narrowed substantially as it pared expenses by 20 percent from the same period last year and increased revenue from research collaborations.
Sales of the Seattle biotechnology company's only marketed product, the blood coagulant Recothrom, were $8.5 million — up from $6 million in the second quarter and $1.8 million in the prior year's third quarter. Total revenue was $27.5 million, up from $11.9 million a year earlier.
The company said its net loss for the quarter was $11.4 million, or 17 cents a share, shrinking from a loss of $28.8 million, or 42 cents a share, in the third quarter of 2008.
As of Sept. 30, ZymoGenetics had $103.4 million in cash and equivalent assets, not counting $70 million expected as a milestone payment this month from Bristol-Myers Squibb, its partner in developing PEG-Interferon lambda, a potential treatment for hepatitis C.
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