ZymoGenetics reports $31.7million net loss for first-quarter, reduced revenues

By Lisa Kerner

Erie, Pa., May 4 - ZymoGenetics, Inc.'s first-quarter net loss increased to $31.7 million, or $0.48 per share, from a net loss of $18.8 million, or $0.33 per share, in the year-ago period.

The company attributed the increased loss to increased investment in developing its pipeline of product candidates.

Revenues for the quarter decreased to $7.4 million from $12.0 million for the same period in the prior year. ZymoGenetics said the decrease is due to reduced option and license fee revenues.

The company ended the quarter with $337 million of cash and investments on March 31.

"We're off to a strong start in 2006," president and chief executive office Bruce L.A. Carter said in a company news release.

"Our rhThrombin phase 3 study is moving forward on schedule, and we remain focused on our goal of filing a Biologics License Application with the Food and Drug Administration by year-end. We are planning for the initiation of phase 2 testing of TACI-Ig and IL-21 in 2006."

Seattle-based ZymoGenetics creates novel protein drugs for the treatment of bleeding, autoimmune diseases and cancer.

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