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Biotech / Medical : Seattle Genetics (SGEN)

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To: idos who wrote (111)	4/25/2007 1:41:18 AM
From: idos	Read Replies (1) of 161

No big news, the stock will probably slide down today simply because of the headline and the late run up. >April 24 (Reuters) - Biotechnology company Seattle Genetics Inc. <SGEN.O> posted a wider first-quarter net loss driven by increased expenses and higher employee costs. The company posted a net loss of $8.8 million, or 16 cents a share, compared with a net loss of $8.7 million, or 21 cents a share, in the year-ago quarter. The company said it had 54.5 million weighted average shares in the latest quarter, compared with 42.4 million in the year-ago quarter. Total operating expenses were $14.6 million compared with $11.6 million in the year-ago period. First-quarter revenue rose to $4.3 million from $2.1 million in the year-ago period, primarily due to amounts earned under its collaboration with Genentech Inc. <DNA.N>. The company ended the quarter with $140.3 million in cash and investments, including the upfront payment of $60 million received from Genentech under the collaboration. Analysts on average were expecting a loss of 17 cents a share, excluding exceptional items, on revenue of $4.1 million for the period, according to Reuters Estimates. (Reporting by Jennifer Robin Raj in Bangalore)<

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