Alnylam cuts 2008 loss, but falls back in 4th qtr

USA-based RNAi therapeutics company Alnylam cut its full-year 2008 loss  by 69%, year-on-year, due to a large influx of revenue from its  agreement with Swiss drug major Roche for the former's technology  platform for developing RNAi therapeutics, which could be worth as much  as $1.0 billion to Alnylam, and was the biggest drug-discovery  collaboration in the sector at the time (Marketletter July 16, 2007).

Sales jumped 89% to $96.1 million, while R&D costs were cut by 20% to  $96.9 million. The firm's net loss was $26.3 million, or $0.64 loss per  share, versus $85.5 million, or $2.21 loss per share. Cash and cash  equivalent assets were increased by 13% to $512.7 million as of the end  of 2008.

"We had zero write-offs related to our cash portfolio in 2008 and  retired all of our debt. We are in a stronger financial position than  ever...without needing to access the capital markets for the foreseeable  future," said Patricia Allen, treasurer of company.