Human Genome reports revenues up at $6.8 million

By Lisa Kerner

Erie, Pa., May 10 - Human Genome Sciences, Inc. reported a GAAP net loss for the first quarter of $62.1 million, or $0.47 per share, an increase from the $59.6 million, or $0.46 per share, reported last year.

The company had revenues of $6.8 million, up from the $1.1 million in revenues reported for the comparable period in 2005. Human Genome attributed the increase in revenue to a $6 million milestone from GlaxoSmithKline related to the progress of GSK716155 (formerly Albugon).

At March 31, 2006, cash and investments totaled $580.4 million, including $217.2 million of restricted investments, compared to $646.2 million in cash and short-term investments, including $220.2 million of restricted investments, at December 31, 2005.

"In the first quarter, we continued to make significant progress in moving toward commercialization, and we plan to accelerate this progress in the remainder of 2006," president and chief executive officer H. Thomas Watkins said in a news release.

Company highlights from the first quarter include positive interim results of two clinical trials of Albuferon in combination with ribavirin, the start of phase 3 development of LymphoStat-B in systemic lupus erythematosus, and the definitive agreement with BioMed Realty Trust for company facilities.

Located in Rockville, Md., Human Genome focuses on protein and antibody drugs.

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