Hematide costs double Affymax' 2008 loss
US drug developer Affymax' 2008 loss more than doubled, year-on-year, due to costs related to the progression of the Takeda-partnered drug Hematide, a novel erythropoietic agent, towards the market.
The firm's net loss increased to $86.5 million, or $5.68 loss per share, versus a loss of $43.1 million, or $2.88 loss per share. As of December 31, 2008, the firm had $24.0 million in cash and cash equivalents, reduced by 78%.
The loss increased despite turnover rising 87% to $82.9 million, due to increased collaboration revenue from the firm's partnership with Japan's Takeda, as R&D expenses reached $137.5 million, up 98%, due to costs related to the Phase III development of Hematide in chronic renal failure.
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