Sounds like management milking the Trimeris cash cow to me!
When you have to search for patients, well, not good:
A 2012 goal: Develop awareness about LAL Deficiency and continue to identify infants, children and adults who suffer from this devastating disorder
2011 Full Year Financial Results
For the year ended December 31, 2011, Synageva reported a net loss of $25.3 million compared to a net loss of $10.8 million for the corresponding period of the prior year. Results for 2010 refer to the results for Synageva BioPharma Corp., the private predecessor to the company resulting from the combination of private Synageva and Trimeris (“Private Synageva”), and results for the quarter ended December 31, 2011 refer to the results of Private Synageva through November 3, 2011 and the results of the combined company for the remainder of the quarter.
Revenue for the full year ended December 31, 2011 of $2.1 million consists of $1.1 million of Fuzeon royalties from Roche, from November 3, 2011, the date of the effective date of the completion of the merger with Trimeris, to December 31, 2011, as well as revenue from Synageva’s collaboration agreements and payments from an NIH grant.
Total operating expenses for the full year 2011, including R&D and SG&A expenses, totaled $27.1 million. This compares to total operating expenses for the full year 2010 of $13.7 million.
Synageva had a cash balance of $60.2 million on December 31, 2011, compared with $14.7 million at December 31, 2010. The cash balance at December 31, 2011 does not include proceeds from the recent follow-on offering completed in January 2012 that resulted in $84.6 million in net proceeds to the company.
2012 Financial Outlook
Synageva currently expects a net operating loss of between $40 and $45 million for 2012. The anticipated increase in net loss from 2011 is expected to be primarily due to higher spending to support our global development for our lead program SBC-102 and our preclinical programs.