Seattle's loss climbs 70% on trial costs

US biotechnology group Seattle Genetics' net loss for third-quarter 2007 was $14.6 million, a 69.8% improvement on the deficit it recorded in the comparable period in 2006. The firm said that this was largely a result of a hike in operating expenses, up $8.6 million to $21.0 million, to fund the assessment of several key product candidates.

Clinical trials of the anticancer agent that Seattle is developing in collaboration with Genentech, SGN-40, were responsible for the majority of its expenditure. Payments from the latter boosted the firm's revenues 91.6% to $4.6 million.

However, third-quarter spending was also increased by R&D costs associated with other drugs, including: SGN-33 for acute myeloid leukemia; SGN-35 for Hodgkin's disease; SGN-70 which entered pre-Investigational New Drug development in the period; and the multiple preclinical programs the firm is undertaking.