Seattle Genetics 3Q loss narrows on partnerships
Seattle Genetics' 3rd-quarter loss narrows on higher revenue from partnerships
- On 6:18 pm EDT, Thursday October 22, 2009
BOTHELL, Wash. (AP) -- Development-stage biotechnology company Seattle Genetics Inc. said Thursday its third-quarter loss narrowed on higher revenue from partnerships.
The company lost $19.8 million, or 21 cents per share, compared with a loss of $21.8 million, or 27 cents per share, during the same period a year prior. Revenue rose 44 percent to $11.6 million from $8.1 million.
Analysts polled by Thomson Reuters expected a loss of 25 cents per share on revenue of $9.4 million.
The company's key partnership is with Genentech Inc., now part of Roche. The companies are developing potential cancer treatments.
Shares of Seattle Genetics rose 12 cents to close at $9.85.
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