Alnylam's 1st-qtr 2007 loss widens to $21.6M

The USA's Alnylam Pharmaceuticals' first-quarter 2007 net loss widened to $21.6 million, or $0.58 per share, versus $8.9 million, or $0.30 per share, in the like, year-ago period, due to a license fee paid to Tekmira Pharmaceuticals Corp for the exclusive global rights to its liposomal delivery formulation technology for RNAi therapeutics, as well as the expansion of the technology research and manufacturing alliance on lipid-based delivery technology.

During the period, the firm's revenues reached $7.2 million vs $5.7 million, boosted by a $4.1 million expense reimbursement and amortization income related to the company's collaborations with Swiss drug major Novartis, and $3.1 million from US drugmakers Biogen Idec and Merck & Co, as well as the US National Institutes of Health for Ebola, research reagent and services licensees, and other sources. On the day the results were announced, May 9, shares in Alnylam fell 1.8% to $19.01 in extended trading.

Commenting on the operating highlights of the reporting period, company chief executive John Maraganore noted that Alnylam advanced its development pipeline year-to-date. He noted that the firm's lead program, ALN-RSV01, an RNAi therapeutic for the treatment of respiratory syncytial virus infection, is advancing towards Phase II studies that hold the potential of demonstrating human proof-of-concept, while ALN-VSP01, a new development program for the treatment of liver cancers and potentially other solid tumors, also progressed, he added.