ThromboGenics swings to profit on Roche deal
Leuven, Belgium-based ThromboGenics swung to profit in full-year 2008, from a loss in the previous year, on a 30.0 million-euro ($39.0 million) upfront payment from Swiss drug major Roche, under an agreement for the oncology antibody TB-403 (Marketletter June 30, 2008).
The company's net income was 12.1 million euros, or 0.47 per share, versus a loss of 15.9 million euros, or 0.67 loss per share. However, as of December 31, 2008, the firm had 30.4 million euros in cash and cash equivalents, down 24%.
Turnover rocketed to 30.4 million euros from just 1.5 million euros last year, due to the Roche payment. Non-license revenue fell to 86.0 million euros from 251.0 million euros. R&D expenses were 15.7 million euros, down 9%.
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