Human Genome Sciences: net loss for the quarter improves, phase 3 trials planned by year end

By Lisa Kerner

Charlotte, N.C., Nov. 8 - Human Genome Sciences, Inc. reported a GAAP net loss for the quarter ended Sept. 30 of $60.8 million, or $0.46 per share, an increase from the net loss of $54.4 million, or $0.42 per share, for the third quarter of 2005.

The company's third-quarter revenues increased to $6.7 million from $5.9 million for the prior-year period.

As of Sept. 30, Human Genome Sciences had cash and investments totaling $794.2 million, of which $734 million is unrestricted and available for operations. As of Dec. 31, 2005, the company had cash and investments totaling $646.2 million, including $220.2 million of restricted investments.

For the nine months ended Sept. 30, Human Genome Sciences reported a GAAP net loss of $184.2 million, or $1.40 per share, and revenues of $15.7 million.

"We expect to initiate phase 3 trials of Albuferon and LymphoStat-B before the end of 2006, and it is the company's goal to manage cash to take these products at least to phase 3 data without the need to raise additional funds," president and chief executive officer H. Thomas Watkins said in a company news release.

Human Genome Sciences is a Rockville, Md., biopharmaceutical company.

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