Alnylam Takes Wider Loss on Administrative Costs
Thu, 11/05/2009 - 4:03am
CAMBRIDGE, Mass. (AP) — RNA drug developer Alnylam Pharmaceuticals Inc. reported a deeper third-quarter loss on Wednesday, primarily due to increased spending on stock based compensation and legal costs. The biopharmaceutical company said it lost $9.2 million, or 22 cents per share, compared with a loss of $2.9 million, or 7 cents per share, a year ago. Its revenue slid 6 percent, to $24.2 percent from $25.7 million. All the company's revenue comes from research collaborations, as it has no products on the market. According to Thomson Reuters, analysts expected Alnylam to lose 24 cents per share, with revenue of $26.3 million. During the third quarter, its research and development costs increased 5 percent, to $23.2 million, and general and administrative costs climbed 56 percent to $10.7 million from $6.9 million. Alnylam is developing drugs that use "gene silencing" technology, which is designed to turn off the protein that causes a disease. The company is partnering with Roche AG, Biogen Idec Inc., Cubist Pharmaceuticals Inc., Novartis AG, and the National Institutes of Health. Its products include potential treatments for respiratory disease, liver cancer, and the movement disorder Huntington's disease. In aftermarket trading, Alnylam stock added 7 cents to $17.50 from from the regular session close of $17.43.