Ablynx' loss deepens 21.6% to 14.3M euros

Belgian biopharmaceutical firm Ablynx' full-year 2008 loss deepened 21.6% on the year before to 15.2 million euros ($19.2 million), as the  deficit from continuing operations before tax and net finance income  increased to 20.6 million euros from 14.3 million euros in 2007.

The Ghent-based firm, a pioneer in the discovery and development of a  novel class of antibody-derived therapeutic proteins called  Nanobodies, has yet to record sales on any of its co-developed products.

Revenue increased 69% to 16.8 million euros, thanks to a 6.8-million  euro rise in R&D contributions, resulting mainly from the collaborative  agreements with Swiss drug major Novartis, USA-based Wyeth, Germany's  Boehringer Ingelheim and Merck Serono, the drugs arm of Merck KGaA. In  addition, Ablynx obtained two new grants from the government which will  see it receive 2.3 million euros in extra funding between 2008 and  2011.