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Net loss of $0.37 per share reported.(Brief Article)
2002 AUG 28 - (NewsRx.com & NewsRx.net) -- Genzyme Corp. reported that total revenues for Genzyme Molecular Oncology (GZMO) for the second quarter of 2002 were $2.3 million, up from $1.3 million in the second quarter of 2001.
The increase in revenue is in large part due to the initiation in late 2001 of the division's antiangiogenesis collaboration with the pharmaceutical division of Kirin Brewery of Japan and an increase in funding associated with its antigen discovery collaboration with Purdue Pharma L.P.
Total research and development including collaborator-funded expenses were $6.7 million ($5.3 million in research and development and $1.4 million in collaborator funded research) in the second quarter of 2002, down from $8.1 million ($7.6 million in research and development and $0.5 million in collaborator funded research) in the second quarter of 2001. The decrease is due to timing of clinical trial expenses and nonrecurring expenses incurred in the patient-specific cancer vaccine program in the second quarter of 2001.
Net loss allocated to Genzyme Molecular Oncology stock for the second quarter of 2002 was $6.2 million, or $0.37 per share, compared with a net loss of $8.3 million, or $0.52 per share for the second quarter of 2001.
"We are making excellent progress in all of our programs and are pleased with the level of R&D funding from our partners that allows us to move our programs forward aggressively," stated Gail Maderis, president, Genzyme Molecular Oncology. "We look forward to initiating our next clinical trial in kidney cancer and reporting data from our antigen specific vaccine trials as we advance our products from discovery through to commercialization."
Genzyme Molecular Oncology ended the quarter with $25.5 million in cash and marketable securities - enough to fund its operations into 2003. It also has access to $11 million through its financing arrangement with Genzyme General and additional credit through Genzyme Corporation's revolving credit facility.
Progress in the clinic:
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Source: HighBeam Research, Net loss of $0.37 per share reported.(Brief Article)