Incyte says first-quarter revenue more than doubles, updates key programs

By Lisa Kerner

Erie, Pa., May 4 - Incyte Corp. financial results for the first quarter showed an increase in revenues to $6.5 million from $2.9 million for the same period in 2005.

Incyte said the increase was due to revenues recognized under its collaborative research and license agreement with Pfizer.

The net loss for the first quarter ended March 31 was $17.3 million, or $0.21 per share, compared with $20.1 million, or $0.24 per share, for the same period last year.

As of March 31, the company had cash, short-term and long-term marketable securities totaling $372.4 million, compared with $345.0 million as of Dec. 31.

In an update of its drug development program, Incyte said it discontinued development of its lead HIV compound, DFC (dexelvucitabine, formerly Reverset) because of an unacceptably high increase in the frequency of grade 4 hyperlipasemia in patients receiving 200 mg DFC.

The company filed an Investigational New Drug application for the oral CCR5 antagonist, INCB9471, for development as a treatment for HIV.

In addition, Incyte said it continues to advance two compounds, one in inflammation and a second in oncology, according to a company news release.

Other Incyte updates include an ongoing phase 1/2 dose-rising trial of the lead oral sheddase inhibitor, INCB7839 for cancer, retaining exclusive worldwide rights to certain CCR2 antagonist compounds for two indications from Pfizer and the filing of an Investigation New Drug application for type 2 diabetes.

Incyte is a Wilmington, Del.-based drug discovery and development company with a pipeline of novel oral compounds to treat cancer, inflammation, HIV and diabetes.

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