Seattle Genetics' loss deepens on R&D costs

US biotechnology firm Seattle Genetics saw a 59%, year-on-year increase in its net loss for the first quarter of 2009, despite rising sales, due  to increased clinical development activities.

The firm generated $9.1 million in revenue, up 28%, yet R&D expenses  rose 50% to $33.2 million, due to trial costs for SGN-35, lintuzumab and  dacetuzumab, as well as manufacturing activities for the former.

The company's net loss deepened to $27.2 million, or $0.33 loss per  share, versus a loss of $17.1 million, or $0.22 loss per share. On the  other hand, as of March 31, the firm had $192.2 million in cash and cash  equivalents, up 15% from December 31 of last year, due to a public stock  offering.