ZymoGenetics says net loss of $31.2 million for the quarter better than expected

By Lisa Kerner

Charlotte, N.C., Nov. 1 - ZymoGenetics, Inc. reported a net loss of $31.2 million, or $0.47 per share, for the quarter ended Sept. 30, slightly better than the company expected, according to a news release.

The company's net loss was $20.4 million, or $0.33 per share, for the comparable 2005 quarter.

Revenues for the quarter were down at $5.6 million, from $7.5 million for the comparable 2005 period, while research and development expenses increased for the quarter to $30.3 million, from $23.0 million for the third-quarter 2005.

As of Sept. 30, ZymoGenetics had cash, cash equivalents and short-term investments totaling approximately $290 million.

"The quarter was highlighted by the positive results from our rhThrombin phase 3 clinical trial," president and chief executive officer Bruce L.A. Carter said in the release.

"We are now focused on the submission of a high-quality license application with the Food and Drug Administration later this year and readying for product launch."

ZymoGenetics is also making "significant progress" with atacicept and IL-21, both of which should be in phase 2 testing by the end of the year, officials said.

The company expects a net loss within the range of $125 million to $135 million for the full-year 2006, compared to the original guidance of $135 million to $150 million. Net cash usage is projected to be $110 to $120 million, versus the original guidance of $125 to $140 million.

ZymoGenetics is a Seattle-based pharmaceutical company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.