SEATTLE, May 6 /PRNewswire-FirstCall/ -- Trubion
Pharmaceuticals, Inc. (Nasdaq: TRBN) today announced financial
results for its first-quarter ended March
31, 2010.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20090320/TRUBIONLOGO)
First-Quarter 2010 Financial Results
Revenue for the first quarter of 2010 was $5.5 million compared with $4.2 million for the first quarter of 2009.
Revenue was primarily earned through Trubion's strategic
collaborations with Pfizer for the development of CD20-directed
candidates, including TRU-015 and SBI-087, and Facet Biotech, for
the development of CD37-directed targets, including TRU-016.
During the first quarter of 2010, Trubion recognized
$1.8 million in revenue from its
Facet collaboration. The $1.8 million
is comprised of $0.6 million for
recognition of the $20 million
upfront fee and $1.4 million equity
premium and $1.2 million for
collaborative research funding.
The increase in revenue related to the Facet collaboration was
partially offset by lower revenue recognized from Trubion's
collaboration with Pfizer. The decrease in revenue was related to
the amount of reimbursable legal fees. Revenue from the Pfizer
collaboration for the three months ended March 31, 2010, was comprised of $2.6 million for collaborative research funding
and $1.2 million for recognition of
the $40 million upfront fee compared
with $3.0 million for collaborative
research funding and $1.2 million for
recognition of the $40 million
upfront fee in Q1 2009.
Total operating expenses for the first quarter of 2010 were
$11.5 million compared with
$15.2 million for the first quarter
of 2009. The decrease in operating expenses was primarily due to
lower outside manufacturing costs related to TRU-016, and lower
personnel and noncash stock-based compensation expenses due to the
restructuring in 2009 and the resignation of Trubion's chief
executive officer in November 2009.
Net loss for the first quarter of 2010 was $6.1 million, or $0.30 per diluted common share, compared with a
net loss of $11.0 million, or
$0.61 per diluted common share, for
the first quarter of 2009.
Trubion had $46.3 million in cash,
cash equivalents and investments as of March
31, 2010, compared with $54.8
million as of Dec. 31,
2009.
"In the first quarter, we continued to advance the development
of our product candidates, which included Pfizer's initiation of a
Phase 2 clinical trial of SBI-087 in rheumatoid arthritis," said
Steven Gillis, executive chairman,
acting president, and chairman of the board of directors at
Trubion. "We look forward to sustained momentum in the second
quarter as we partner with Facet, now a wholly owned subsidiary of
Abbott Laboratories, to execute on a robust clinical development
plan for TRU-016, and we present clinical data updates on several
of our product candidates at scientific congresses."
Recent Milestones
- In January 2010, Trubion's
partner, Pfizer, initiated a Phase 2 clinical trial of SBI-087
(PF-05230895) for the treatment of RA. SBI-087 is a
next-generation, humanized Small Modular ImmunoPharmaceutical
(SMIP™) protein therapeutic directed against the CD20 antigen.
SBI-087 is also being evaluated in a Phase 1 clinical trial for
systemic lupus erythematosus (SLE).
- In April, Abbott announced it completed its acquisition of
Facet, which will now operate as a wholly owned subsidiary of
Abbott. Abbott has informed Trubion that it remains interested in
TRU-016 and intends to proceed with its development.
2010 Outlook
Trubion has revised its 2010 guidance based on a change in
timing of the anticipated milestone of $6
million from Facet for the initiation of the Phase 2 portion
of the TRU-016 study in chronic lymphocytic leukemia (CLL)
patients. This milestone is now currently expected to be achieved
in the first half of 2011 as a result of protocol modifications
that are designed to optimize the dose level and regimen. The
maximum tolerated dose has not been reached. As a result,
Trubion has increased its anticipated annual operating cash
requirements from $27 million–$32
million to $33 million–$38 million
and lowered its anticipated revenues from $25 million–$30 million to $19 million–$24 million. The revised guidance,
which does not include any additional cash receipts associated with
potential new partnerships, is as follows:
- Trubion anticipates 2010 revenues to be approximately
$19 million to $24 million earned
through the Company's Pfizer and Facet collaborations.
- Operating cash requirements in 2010 are expected to be
approximately $33 million to $38
million.
Based on its current forecast, and excluding any proceeds from
potential new partnerships or financings, Trubion expects that its
existing capital resources will support the Company's operations
into the second half of 2011.
Earnings Conference Call Details
Trubion will host a conference call and webcast to discuss its
first-quarter 2010 financial results and provide an update on
business activities. The call will be held May 6 at 2 p.m. Pacific
Time, 5 p.m. Eastern Time. The
live event will be available from Trubion's website at
http://investors.trubion.com, or by calling (877) 564-1186 or (973)
409-9686. A replay of the discussion will be available beginning at
8 p.m. Eastern Time from Trubion's
website or by calling (800) 642-1687 or (706) 645-9291 and entering
71357019. The telephone replay will be available until May 13, 2010.
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, therapeutics, and are designed using
its custom drug assembly technology. Trubion's product pipeline
includes CD20-directed SMIP therapeutics such as TRU-015 and
SBI-087 for autoimmune and inflammatory diseases, developed under
the Company's Pfizer collaboration. Trubion's product pipeline also
includes TRU-016, a novel CD37-targeted therapy for the treatment
of B-cell malignancies developed under the Company's Facet
collaboration. In addition to Trubion's current clinical stage
product pipeline, the Company is also developing its multi-specific
SCORPION technology, both for targeting cell-surface molecules as
well as simultaneously neutralizing soluble ligands. More
information is available in the investors section of Trubion's
website: http://investors.trubion.com/index.cfm.
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, the timing and availability of data resulting
from these programs and the intentions of the Company's
collaboration partners, including Facet and its parent corporation
, Abbott, the Company's future regulatory filings and the timing
and outcome thereof, the Company's receipt of future milestone
payments under existing collaborations, the Company's projected
cash requirements for future periods and other projected financial
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 Pfizer
collaboration, including Pfizer's control over development
timelines and over decisions regarding the advancement of some of
the Company's clinical development programs, risks associated with
the Company's Facet collaboration, including Facet's and Abbott's
control over development timelines and over decisions regarding the
advancement of some of the Company's clinical development programs,
the risks that the Company is unable to advance its clinical
development programs and regulatory applications and action at the
rate it expects, the risks that data resulting from our clinical
development programs are unfavorable or uncertain, the risk that we
do not achieve the milestones we expect to generate milestone
payments under our collaboration agreements or otherwise do not
receive these milestone payments for any reason, the risk that our
projected cash requirements exceed our expectations and such other
risks as identified in the Company's report on Form 10-Q for the
quarter ended March 31, 2010, 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 website 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.
TRBN-G
Contact:
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Jim DeNike
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Senior Director, Corporate
Communications
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Trubion Pharmaceuticals, Inc.
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(206) 838-0500
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jdenike@trubion.com
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http://www.trubion.com
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Waggener Edstrom Worldwide Healthcare
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Amy Petty
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Account Manager
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(617) 576-5788
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amyp@waggeneredstrom.com
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(Financial Tables Follow)
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TRUBION
PHARMACEUTICALS, INC.
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STATEMENTS OF
OPERATIONS
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(In thousands,
except per share data)
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Three months ended
March 31,
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2010
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2009
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Revenue
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$
5,512
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$
4,212
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Operating expenses:
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Research and
development
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9,016
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12,079
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General and
administrative
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2,521
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3,110
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Total operating
expenses
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11,537
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15,189
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Loss from operations
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(6,025)
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(10,977)
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Interest income
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15
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118
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Interest expense
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(119)
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(140)
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Net loss
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$
(6,129)
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$
(10,999)
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Basic and diluted net loss per
share
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$
(0.30)
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$
(0.61)
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Shares used in computation of basic
and diluted net loss per share
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20,387
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17,899
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March
31,
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December
31,
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2010
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2009
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Balance Sheet Data:
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Cash and cash equivalents
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$
16,597
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$
22,304
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Investments
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29,682
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32,542
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Total assets
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57,102
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65,380
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Deferred revenue
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33,470
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35,262
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Total stockholders' equity
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9,640
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15,094
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SOURCE Trubion Pharmaceuticals, Inc.