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Alexion Reports Q1 Results
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Business New Haven
1/21/2002
By: BNH
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CHESHIRE - Alexion Pharmaceuticals Inc. (NASDAQ: ALXN) released financial results for the first quarter of its fiscal year 2002 ending October 31, 2001. During the period Alexion received contract research, license and grant revenues amounting to $1.9 million, compared to $3.4 million in revenues received in the same period a year ago. The change in revenues was primarily due to lower contract research revenues resulting from the completion of the Phase II pexelizumab study in patients undergoing cardiopulmonary bypass (CPB) related to our collaborative research and development agreement with Procter & Gamble Pharmaceuticals (P&GP).
R&D expenses for the three-month period were $9.7 million, slightly lower than the $10.9 million for the same period last year, due primarily to lower clinical manufacturing and clinical trial costs associated with completion of the Phase II pexelizumab CPB clinical trial. Somewhat offsetting these lower costs were increased clinical trial costs for our other lead product candidate, 5G1.1, which is currently in clinical evaluation in five therapeutic indications including rheumatoid arthritis and membranous nephritis. General and administrative expenses were $1.6 million for the quarter compared to $1.4 million for the same period last year, mostly as result of higher patent related legal costs and higher payroll costs from added personnel.
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