Sales up by 84% cut loss for ZymoGenetics

Seattle, USA-based biotechnology firm ZymoGenetics cut its first-quarter loss by 56%, year-on-year due to cost-cuts and restructuring.

The firm's net loss was reduced to $18.1 million, or $0.26 loss per  share, versus a loss of $40.9 million, or $0.60 per share. As of March  31, the firm had $152.6 million in cash and cash equivalents, up 70% on  December 31 of last year.

Turnover was up 84% to $24.8 million. This included increased Recothrom  (recombinant human thrombin-alfa) sales, up to $4.5 million vs $1.0  million, as well as collaboration and license turnover of $20.0 million  vs $11.0 million, primarily due to the PEG-Interferon lambda  collaboration with Bristol-Myers Squibb signed in January and deferred  atacicept revenues from the restructuring of the co-development accord  with Merck Serono (Marketletters passim). R&D expenses were $24.7  million, a decrease of 37%, mainly due to reduced expenses in the  atacicept deal and headcount reductions made in February 2008.