InterMune falls deeper into loss on payment

5 May 2009

USA-based biotechnology company InterMune's loss deepened by 44% year-on-year for the first quarter of 2009, due to a $13.5-million milestone payment made to MARNAC related to the firm's decision to submit a New Drug Application for pirfenidone in the summer.

Revenue fell to $6.9 million, down 19%, and R&D costs declined by 10% to $24.4 million. The company's net loss reached $42.0 million, or $1.03 per share, versus a loss of $29.1 million, or $0.75 per share. However, as of March 31, the firm had $175.1 million in cash and cash equivalents, up 13% on the end of last year.

"The first months of 2009 were an exceptionally productive period for InterMune," said chief executive Dan Welch. "We recently strengthened our balance sheet by raising $63.0 million in cash and by exchanging $32.0 million in convertible debt for shares of our common stock," he added.

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