Trubion Pharmaceuticals Inc. Reports First Quarter 2008 Results
May 08 2008 - 4:00PM
PR Newswire (US)
SEATTLE, May 8 /PRNewswire-FirstCall/ -- Trubion Pharmaceuticals
Inc. (NASDAQ:TRBN) today announced financial results for its first
quarter ended March 31, 2008. First Quarter 2008 Financial Results
Revenue for the first quarter ended March 31, 2008, was $4.0
million, compared with $4.8 million in 2007. The decrease was
primarily due to an extension of the recognition of the up-front
fee and a slight decrease in reimbursement revenue from the Wyeth
collaboration related to the Phase 2b clinical trial for our lead
product candidate, TRU-015 for rheumatoid arthritis (RA). Revenue
in the three months ended March 31, 2008 and 2007, included $1.5
million and $2 million, respectively, for amortization of the $40
million up-front fee from the Wyeth collaboration. This up-front
fee is being deferred and recognized on a straight-line basis over
the estimated term of the research and development service period
of six years and three months. Total operating expenses for the
first quarter ended March 31, 2008, were $10.5 million, compared
with $10.9 million in 2007. The decrease was primarily due to lower
outside manufacturing costs for TRU-016. The decrease was partially
offset by increased personnel-related expenses. Net loss for the
first quarter ended March 31, 2008, was $6.0 million, or $0.33 per
diluted common share, compared with a net loss of $5.0 million, or
$0.29 per diluted common share, in 2007. Trubion had $72.1 million
in cash, cash equivalents and investments as of March 31, 2008,
compared with $78.5 million as of December 31, 2007. "We have
already achieved several important milestones in 2008 in advancing
the clinical development of our alliance-based and proprietary
therapeutic compounds for autoimmune and inflammatory diseases and
cancer," said Peter Thompson, M.D., FACP, Trubion's president,
chief executive officer and chairman. "We look forward to continued
advancement of both our clinical and preclinical programs
throughout the rest of the year." Recent Milestones: * Trubion
announced that Wyeth has commenced patient dosing in the next Phase
2b clinical trial of TRU-015 in patients with rheumatoid arthritis
(RA). This study will evaluate a preferred induction, or initial,
dosing regimen. Data reported previously demonstrates TRU-015's
ability to significantly improve RA signs and symptoms, and
maintain response rates with repeat administration of single doses
given every six months. * Trubion announced that Wyeth has
initiated patient dosing in a Phase 1 study of SBI-087 for RA.
SBI-087, Trubion and Wyeth's next-generation CD20 candidate, builds
on Trubion and Wyeth's clinical experience with Trubion's lead
compound, TRU-015, and is based on Trubion's Small Modular
ImmunoPharmaceutical (SMIP(TM)) technology. * Trubion announced
initiation of patient dosing in its Phase 1/2 clinical trial of
TRU-016 for CLL, Trubion's proprietary CD37-directed SMIP
therapeutic. * Trubion announced Wyeth's intent to pursue clinical
evaluation of SBI-087 for the treatment of systemic lupus
erythematosus, or SLE, and an IND filing is expected by the end of
2008. 2008 Financial Guidance Trubion anticipates 2008 revenues to
be in the range of $15 million to $20 million earned through the
company's Wyeth collaboration. Total operating expenses are
expected to be approximately $53 million to $58 million for 2008.
The planned increase in 2008 operating expenses is primarily
attributable to clinical trial expenses associated with the
retreatment study being completed by Trubion for its lead product
candidate, TRU-015, manufacturing and clinical costs associated
with its TRU-016 product candidate, and increased personnel-related
expense. Operating cash requirements in 2008 are expected to be
approximately $35 million to $40 million. Conference Call Details
Trubion will host a conference call and webcast to discuss its
first quarter 2008 financial results. The call will be held today
at 2 p.m. Pacific time (5 p.m. Eastern time). The live event will
be available from Trubion's Web site at
http://investors.trubion.com/events.cfm, or by calling (877)
545-1488 or (719) 325-4899. Beginning later today, a replay of the
discussion will be available from Trubion's Web site or by calling
(888) 203-1112 or (719) 457-0820 and entering 7602146. Replay will
be available at 8 p.m. EDT until midnight, Monday, May 12. The
webcast replay will be available in the events section of Trubion's
Web site. About Trubion Trubion is a biopharmaceutical company that
is creating a pipeline of novel protein therapeutic product
candidates to treat autoimmune and inflammatory diseases and
cancer. The company's mission is to develop a variety of
first-in-class and best-in-class product candidates, customized for
optimal safety, efficacy, and convenience that it believes may
offer improved patient experiences. Trubion's current product
candidates are novel single-chain protein, or SMIP(TM),
therapeutics, and are designed using its custom drug assembly
technology. Trubion's product pipeline includes CD20-directed
candidates such as TRU-015 and SBI-087 for autoimmune and
inflammatory diseases, developed under the company's Wyeth
collaboration. Trubion's product pipeline also includes Trubion's
proprietary product candidate, TRU-016, a novel CD37-targeted
therapy for the treatment of B-cell malignancies that is currently
in Phase 1/2 clinical evaluation. In addition to Trubion's current
product candidates, the company is also developing additional
alliance and proprietary product candidates that build on its
product development experience. More information is available in
the investors section of Trubion's website: investors.trubion.com.
Forward-Looking Statements Certain statements in this release may
constitute "forward-looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934 and Section 27A
of the Securities Act of 1933. These statements include, but are
not limited to, those related to the company's future clinical
development programs and the timing thereof, the company's future
regulatory filings and the timing and outcome thereof and the
company's expected financial and operating results. These
statements are based on current expectations and assumptions
regarding future events and business performance and involve
certain risks and uncertainties that could cause actual results to
differ materially. These risks include, but are not limited to,
risks associated with the company's Wyeth collaboration, including
Wyeth's control over development timelines, the risks that the
Company is unable to advance its clinical development programs and
regulatory applications and action at the rate it expects, the risk
that the Company does not achieve the financial and operating
results it expects, and such other risks as identified in the
company's quarterly report on Form 10-Q for the period ended March
31, 2008, and from time to time in other reports filed by Trubion
with the U.S. Securities and Exchange Commission. These reports are
available on the Investors page of the company's corporate Web site
at http://www.trubion.com/. Trubion undertakes no duty to update
any forward-looking statement to conform the statement to actual
results or changes in the company's expectations. Contact: Jim
DeNike Senior Director, Corporate Communications Trubion
Pharmaceuticals Inc. (206) 838-0500 Waggener Edstrom Healthcare Amy
Petty Senior Account Executive (617) 576-5788 TRBN-G -FINANCIAL
TABLES FOLLOW- TRUBION PHARMACEUTICALS. INC. STATEMENTS OF
OPERATIONS (In thousands, except per share data) (unaudited) Three
months ended March 31, 2008 2007 Revenue $3,963 $4,835 Operating
expenses: Research and development 7,515 8,591 General and
administrative 2,973 2,355 Total operating expenses 10,488 10,946
Loss from operations (6,525) (6,111) Interest income 735 1,257
Interest expense (178) (165) Net loss $(5,968) $(5,019) Basic and
diluted net loss per share $(0.33) $(0.29) Shares used in
computation of basic and diluted net loss per share 17,831 17,566
March 31, December 31, 2008 2007 Balance Sheet Data: Cash and cash
equivalents $19,233 $41,827 Investments 52,851 36,688 Total assets
86,914 95,174 Deferred revenue 23,392 24,854 Total stockholders'
equity 48,087 53,313 DATASOURCE: Trubion Pharmaceuticals Inc.
CONTACT: Jim DeNike, Senior Director, Corporate Communications of
Trubion Pharmaceuticals Inc., +1-206-838-0500, ; or Amy Petty,
Senior Account Executive of Waggener Edstrom Healthcare,
+1-617-576-5788, , for Trubion Pharmaceuticals Inc. Web site:
http://www.trubion.com/ http://investors.trubion.com/events.cfm
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