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Regeneron posts $21.1 million net loss for third quarter
TARRYTOWN, N.Y. — Regeneron reported a net loss of $21.1 million, or $0.27 per share, for the third quarter compared with a net loss of $35.8 million, or $0.54 per share, for the third quarter of 2007, the company announced.
Total third-quarter revenue, which comprised contract research and development revenue, technology licensing revenue and net product sales, increased to $65.6 million, compared with $22.3 million during the same period last year, according to a press release from the company.
Total contract research and development revenue totaled $52.9 million for the quarter, compared with $12.3 million posted during last year's third quarter.
At the Retina Society meeting in September, Regeneron and development partner Bayer HealthCare announced final 52-week results of a double-masked, prospective, multicenter, phase 2 study evaluating VEGF Trap-Eye in patients with wet age-related macular degeneration. The study found that the drug was generally well-tolerated, with no serious drug-related adverse events, according to the release.
Regeneron and Bayer are currently conducting a phase 3 trial of VEGF Trap-Eye in patients with wet AMD. The companies plan to initiate a phase 2 study of the drug in patients with diabetic macular edema in early 2009.