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Alexion Reports Q3 Results
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Business New Haven
6/18/2001
By: BNH
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CHESHIRE - Alexion Pharmaceuticals (NASDAQ: ALXN) has announced financial results for its third fiscal quarter ended April 30.
In its third quarter, Alexion received contract research, license and grant revenues totaling $1.96 million, compared to $4.48 million in revenues received in the same period last year. Important revenue elements include clinical trial and clinical manufacturing reimbursements and research-and-development support payments received under Alexion's collaboration with Procter & Gamble Pharmaceuticals on its C5 complement inhibitor pexelizumab. The lower revenues reflect lower pexelizumab clinical trial and clinical manufacturing reimbursements due to the completion of the Phase IIb trial in CPB.
Alexion's R&D expenses for the quarter were $8.36 million, down from the $10.44 million figure for the same period a year ago. The decrease was due primarily to lower clinical manufacturing and clinical trial costs associated with pexelizumab. General and administrative expenses were $1.92 million for the quarter compared to $1.2 million for the same period last year.
As a result of the above factors and before amortization of purchased intangibles charges related to the Prolifaron acquisition, Alexion incurred a net loss of $5.62 million (31 cents per share) for the quarter compared to a net loss of $6.32 million (42 cents per share) for the same three-month period in 2000. Taking into account non-cash amortization of purchased intangibles charges, the company's total net loss amounted to $6.46 million (36 cents per common share) for the third quarter.
As of April 30, Alexion had approximately $364 million in cash, cash equivalents and marketable securities.
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