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Come on $1.........mmmmmmmmmmmmmmm I can smell it people:)
This trades extremely thin.......Wowwy wow wow:)
GO TGIC GO
GLTA
Good afternoon all......Well it's good to see SQNM in the green today.
Doesn't look like we'll see anything crazy trading happen today. I ended up selling half my shares this morning to pick up some TGIC. Weeeeeeeeeeeee........I was lucky to catch it early:)
I think we'll see SQNM inch up next week and play around the $4.50 to &6.00 range for the week.IMO That's if we don't see a major short squeeze occur.....Then who knows where we can go:)
I do expect some PR from the company explaining a little more in detail of the fraudulent testing. Hopefully they can clarify things & clear any wrong doing on their behalf. This will help ease the mind of investors. Many Lawsuits that are coming forward may also cause a delay for a bounce back in SQNM. IMO
Next week should be Interesting indeed.........GLTA:)
Good afternoon all:) This is looking solid right now.Jumped in this morning @ .58
Do you think this can break $1 today? I'm new to this one & trying to find time to do a little DD.
GLTA
This is heavily shorted @ just over 30%. If this starts to bounce back And has a run up we should see a SQUEEZE that most dream about:) IMO
If this keeps dropping(which I don't think it will)I have a stop loss @ $3.00 to limit my losses. Some would just keep loading on the dips to average down, but I don't have that kind of $$$$ for that type of play.
GLTA
You guys need to have a drink or smoke a joint. It's not doing anything radical at this point. 714trader you just bought in 45min ago. Give it some time fellas:) I can understand buying a stock and having a stop loss price but don't panic yet. Just remember all those investors who bought yesterday @ 14-15 dollar range. Things could be a lot worse if you know what I'm sayin:)
GLTA
Sequenom Inc. $ 3.68
SQNM -11.23
Short Interest (Shares Short) 15,743,800
Days To Cover (Short Interest Ratio) 16.9
Short Percent of Float 30.99 %
Short Interest - Prior 16,001,700
Short % Increase / Decrease -1.61 %
Short Squeeze Ranking™ 796
% From 52-Wk High ($ 29.14 ) -691.85 %
% From 52-Wk Low ($ 5.06 ) -37.50 %
% From 200-Day MA ($ 17.91 ) -386.68 %
% From 50-Day MA ($ 14.69 ) -299.18 %
Price % Change (52-Week) 152.00 %
Shares Float 50,810,000
Total Shares Outstanding 60,977,461
% Owned by Insiders 34.12 %
% Owned by Institutions 84.30 %
Market Cap. $ 224,397,056
Trading Volume - Today 69,472,248
Trading Volume - Average 932,400
Trading Volume - Today vs. Average 7450.91 %
Earnings Per Share -0.83
PE Ratio
Record Date 2009-AprilB
Sector Healthcare
Industry Biotechnology
Exchange NAS
lol What's up 714trader? I like anything that makes me Cash
It Just so happens to be bounce plays as of late. I really like this one at the moment....I don't know how much this will bounce back today. Tomorrow & next week is what I'm waiting for.IMO
GLTY:)
Unless we are hit with more punishing PR I don't see this dropping below $3.IMO
Too many new buyers yesterday AH & today at these levels & higher. The major selling has already occurred in my opinion. We have started to see heavy buying pressure in the last hour. Hopefully this continues. JMO
I couldn't agree more....That's why I jumped in SQNM this morning:)
I'm not sure we'll get as high as the 7-10 range for a while.IMO
But that would be sweeeeeeeeeet:)
I think realistically in days/week to come, we can see this bounce back & trade around the 5-6-7 dollar range. JMO
I would however like to know the short interest as of today on SQNM?
It's not even noon and it's already turned over more shares than they have outstanding.
Should be an exciting afternoon.IMO
GLTA
Looks like we have seen the bottom on this sell off...IMO Looking for new HOD creeping up:)
They hit investors with a double wammy PR yesterday after close. Read below.........
SEQUENOM Announces Delay in Launch of SEQureDx Trisomy 21 Test
Last update: 4:30 p.m. EDT April 29, 2009
SAN DIEGO, Apr 29, 2009 (BUSINESS WIRE) -- SEQUENOM, Inc. (SQNM:
SQNM
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SQNM, , ) announced today that the expected launch of its SEQureDx(TM) Down syndrome test is delayed, due to the discovery by company officials of employee mishandling of R&D test data and results. Accordingly the company is no longer relying on the previously announced R&D test data and results. SEQUENOM has not changed its plans to develop in parallel its RNA- and DNA-based methods for the Down syndrome test and will endeavor to have a validated test in the fourth quarter of 2009. Under the circumstances, and as supported by key clinical opinion leaders, the company now intends to launch the Down syndrome test upon publication in a peer-reviewed journal of the results from the on-going large, independent clinical studies, which are designed to be practice-changing for Down syndrome testing.
The company's board of directors has formed a special committee of independent directors to oversee an independent investigation of the employees' activity related to the test data and results. The committee has engaged independent counsel to assist the committee in the conduct of the investigation.
Although the company is not aware of any potentially inappropriate activity related to the reported results of its other tests under development, the company is currently reviewing the data for all tests. As a result of this ongoing review the Rhesus D, Cystic Fibrosis and Fetalxy tests are now anticipated to begin launching in the third quarter of this year.
The company believes that its Down syndrome program has suffered a temporary setback but that the SEQureDx technology is scientifically and technically sound. The company intends to take every possible action to make up lost ground. SEQUENOM believes that it has the financial resources to commercialize its test for Down syndrome and other prenatal disorders.
Today's announcement regarding the company's SEQureDx Down syndrome R&D test data and results supersedes all previous announcements about such data and test, including its press releases dated June 4, 2008, September 23, 2008, December 1, 2008, January 28, 2009 and February 3, 2009.
SEQUENOM has scheduled a conference call for 2:00 p.m. Pacific time today at which Harry Stylli, PhD, SEQUENOM President and Chief Executive Officer, will discuss this announcement and along with other company officials will present information on the company's operating results for the first quarter of fiscal 2009. A separate press release setting forth information on the company's first quarter operating results will be issued prior to the call. Individuals interested in participating in the conference call may do so by dialing (866) 844-2998 for domestic callers or (706) 679-9912 for international callers. Those interested in listening to the conference call live via the Internet may do so by visiting the investor relations section of the company's website at www.sequenom.com.
A webcast replay will be available on the SEQUENOM Web site for 14 days. A telephone replay will be available for 48 hours following the conclusion of the call by dialing (800) 642-1687 for domestic callers, or (706) 645-9291 for international callers, and entering reservation code 93862699.
Because the company has accelerated the announcement of its first quarter operating results to coincide with today's call, the company has cancelled the conference call originally scheduled for Thursday, April 30, 2009.
About SEQUENOM
SEQUENOM is committed to providing the best genetic analysis products that translate the results of genomic science into solutions for noninvasive prenatal diagnostics, biomedical research, translational research and molecular medicine applications. The company's proprietary MassARRAY(R) system is a high-performance (in speed, accuracy and cost efficiency) nucleic acid analysis platform that quantitatively and precisely measures genetic target material and variations. The company has exclusively licensed intellectual property rights for the development and commercialization of noninvasive prenatal genetic tests for use with the MassARRAY system and other platforms. SEQUENOM maintains a Web site at www.sequenom.com to which SEQUENOM regularly posts copies of its press releases as well as additional information about SEQUENOM. Interested persons can subscribe on the SEQUENOM Web site to email alerts or RSS feeds that are sent automatically when SEQUENOM issues press releases, files its reports with the Securities and Exchange Commission or posts certain other information to the Web site.
SEQUENOM(R), MassARRAY(R) and SEQureDx(TM) are trademarks of SEQUENOM, Inc.
Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in this press release, including statements regarding the Company's current plans to develop and launch a Down syndrome test and other diagnostic tests and the sufficiency of its financial resources to do so and the Company's ability to develop and commercialize diagnostic tests on multiple platforms, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the risks and uncertainties associated with the Company's ability to develop and commercialize new technologies and products, particularly new technologies such as noninvasive prenatal diagnostics and laboratory developed tests, reliance upon the collaborative efforts of other parties, the Company's ability to manage its existing cash resources or raise additional cash resources, competition, intellectual property protection and intellectual property rights of others, government regulation particularly with respect to diagnostic products and laboratory developed tests, obtaining or maintaining regulatory approvals, the independent investigation and other risks detailed from time to time in the Company's Annual Report on Form 10-K for the year ended December 31, 2008 and other documents subsequently filed with or furnished to the Securities and Exchange Commission. These forward-looking statements are based on current information that may change and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.
SOURCE: SEQUENOM, Inc.
PRESS RELEASE
SEQUENOM Reports First Quarter 2009 Financial Results
Last update: 4:40 p.m. EDT April 29, 2009
SAN DIEGO, Apr 29, 2009 (BUSINESS WIRE) -- SEQUENOM, Inc. (SQNM:
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SQNM, , ) today reported its financial results for the quarter ended March 31, 2009.
SEQUENOM reported first quarter 2009 revenues of $8.7 million, compared with revenues of $10.6 million reported for the first quarter of 2008. The decrease in revenues for the first quarter was primarily due to a decrease in system sales and services in the company's genetic analysis business. Net loss for the first quarter of 2009 was $17.5 million, or $0.29 per share, compared with $8.6 million, or $0.19 per share, for the first quarter of 2008. The increase in net loss during the first quarter of 2009, compared with the first quarter of 2008, reflects increased general and administrative expenses and expenses associated with the planned launch of various noninvasive prenatal tests.
System revenues were $2.4 million, as compared to $3.7 million in the prior period while consumable sales rose modestly (1.3%) to $4.7 million. Gross margin was 61% for the first quarter of 2009, compared with 56% for the first quarter of 2008. The increased gross margin was attributable to higher relative sales in consumables (which have higher gross margins), as compared to lower relative system and contract research revenues (which traditionally have lower gross margins).
Research and development expenses were $8.8 million for the first quarter of 2009, compared with $4.9 million for the same period of 2008. The increase in research and development expenses for the first quarter of 2009 reflected additional expenses associated with the company's investment in its molecular diagnostic technology and product development, increased clinical study costs and increased headcount-related expenses (including higher stock-based compensation expense), primarily associated with the building of the company's infrastructure for its molecular diagnostics business. Selling, general and administrative expenses for the first quarter of 2009 were $14.3 million compared with $9.2 million for the first quarter 2008. The increase in selling, general and administrative expenses in 2009 resulted from increased headcount-related expenses related to the building of the company's diagnostics sales force, as well as legal fees associated with on-going litigation and acquisition activities. Total operating expenses for the first quarter of 2009 were $23 million, compared with $14.1 million for the first quarter of 2008.
As of March 31, 2009 SEQUENOM had total cash and short- and long-term marketable securities of $87 million and $7.8 million in accounts receivable.
Updated 2009 Financial Guidance
SEQUENOM is updating its 2009 financial guidance as follows:
Genetic Analysis:
-- The company anticipates 2009 revenues to range between $32 million and $35 million
-- Gross margin is expected to be approximately 57% in 2009
-- After corporate allocations Genetic Analysis is expected to report a loss of between $10 million to $12 million, which includes approximately $5 million in non-cash FAS 123R expense, while incurring a cash burn after corporate allocations of breakeven to $2.0 million.
Molecular Diagnostics
-- The company is not providing revenue guidance for the molecular diagnostic business. However, Molecular Diagnostics is expected to incur a net loss after corporate allocations of between $52 million to $55 million, which includes approximately $7 million in non-cash FAS 123R expense, while incurring a cash burn after corporate allocations of approximately $45 million to $50 million.
Consolidated
-- On a consolidated basis the company is expected to report a 2009 loss of between $62 million to $67 million, which includes approximately $12 million in non-cash FAS 123R expenses.
-- On a consolidated basis, the company is expected to have a cash burn of between $45 million to $52 million.
Conference Call
Due to the news announced earlier today SEQUENOM's management is rescheduling the earnings call previously scheduled for Thursday, April 30 to today at 2:00 p.m. Pacific time. Individuals interested in participating in the conference call may do so by dialing (866) 844-2998 for domestic callers or (706) 679-9912 for international callers. Those interested in listening to the conference call live via the Internet may do so by visiting the investor relations section of the company's website at www.sequenom.com.
A webcast replay will be available on the SEQUENOM Web site for 14 days. A telephone replay will be available for 48 hours following the conclusion of the call by dialing (800) 642-1687 for domestic callers, or (706) 645-9291 for international callers, and entering reservation code 93862699.
About SEQUENOM
SEQUENOM is committed to providing the best genetic analysis products that translate the results of genomic science into solutions for noninvasive prenatal diagnostics, biomedical research, translational research and molecular medicine applications. The company's proprietary MassARRAY(R) system is a high-performance (in speed, accuracy and cost efficiency) nucleic acid analysis platform that quantitatively and precisely measures genetic target material and variations. The company has exclusively licensed intellectual property rights for the development and commercialization of noninvasive prenatal genetic tests for use with the MassARRAY system and other platforms. SEQUENOM maintains a Web site at www.sequenom.com to which SEQUENOM regularly posts copies of its press releases as well as additional information about SEQUENOM. Interested persons can subscribe on the SEQUENOM Web site to email alerts or RSS feeds that are sent automatically when SEQUENOM issues press releases, files its reports with the Securities and Exchange Commission or posts certain other information to the Web site.
SEQUENOM(R) and MassARRAY(R) are trademarks of SEQUENOM, Inc.
Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in this press release, including statements regarding the Company's planned launch of various non-invasive prenatal tests, all of the statements under Updated 2009 Financial Guidance, and the Company's ability to develop and commercialize diagnostic tests for use with the MassARRAY platform and other platforms, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the risks and uncertainties associated with the Company's operating performance, demand for and market acceptance of the Company's products, services, and technologies, research and development progress, new technology and product development and commercialization particularly for new technologies such as molecular diagnostics and laboratory developed tests, and particularly noninvasive prenatal diagnostics and laboratory developed tests, reliance upon the collaborative efforts of other parties, competition, intellectual property protection and intellectual property rights of others, government regulation particularly with respect to diagnostic products and laboratory developed tests, obtaining or maintaining regulatory approvals, and other risks detailed from time to time in the Company's Annual Report on Form 10-K for the year ended December 31, 2008 and other documents subsequently filed with or furnished to the Securities and Exchange Commission. These forward-looking statements are based on current information that may change and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.
SEQUENOM, Inc.
Condensed Consolidated Financial Statements
(in thousands, except per share data)
Consolidated Summary of Operations
Three months ended
March 31,
2009 2008
(unaudited) (unaudited)
Revenues:
Consumables $ 4,722 $ 4,660
System related 3,126 4,500
Services 837 1,357
Research and other 3 57
Total revenues 8,688 10,574
Costs and expenses:
Cost of product and service revenue 3,424 4,671
Research and development expenses 8,780 4,885
Sales and marketing expenses 7,319 5,813
General and administrative expenses 6,942 3,370
Total costs and expenses 26,465 18,739
Operating loss (17,777 ) (8,165 )
Loss on marketable securities - (829 )
Interest income and other, net 308 382
Loss before incomes taxes (17,469 ) (8,612 )
Deferred tax expense (20 ) (14 )
Net loss $ (17,489 ) $ (8,626 )
Weighted average shares outstanding, basic and diluted 61,014 45,330
Net loss per share, basic and diluted: $ (0.29 ) $ (0.19 )
SEQUENOM, Inc.
Consolidated Balance Sheet Information
March 31, December 31,
2009 2008
Assets: (unaudited) (audited)
Cash, cash equivalents and short-term marketable securities $ 81,229 $ 98,329
Restricted cash 1,369 1,371
Accounts receivable, net 7,807 10,642
Inventories, net 10,565 10,631
Other current assets 1,971 1,311
Total current assets 102,941 122,284
Property, equipment and leasehold improvements, net 10,207 9,195
Long-term marketable securities 5,748 5,748
Goodwill 10,105 2,398
Other long-term assets 984 859
Total assets $ 129,985 $ 140,484
Liabilities and Stockholders' Equity:
Accounts payable $ 8,119 $ 8,321
Accrued expenses 6,527 8,389
Deferred revenue 1,830 1,444
Other current liabilities 616 237
Short-term debt 1,792 884
Total current liabilities 18,884 19,275
Long-term liabilities 6,996 5,233
Stockholders' equity 104,105 116,213
Total liabilities and stockholders' equity $ 129,985 $ 140,721
SOURCE: SEQUENOM, Inc.
Unbelievable....Volume already over 50M by 11AM & theirs only 61,000,000 shares outstanding. WOWWY, I predict a short squeeze in the near future.IMO
GLTA
I believe we could see a bounce back between $5 to $7 in the next few trading days.IMO
SEQureDx test were mishandled by employees which is causing for the test delay. Doesn't mean that the test results will be negative. Adding widened first quarter losses doesn't help either. At this point I believe this to have been oversold & shorted like crazy @ $3.50. Hard to say where the bottom will be here, however I do Expect a bounce back shortly. JMO
GLTA
I'm happy I sold @ .30....Got into SQNM @ the moment....Going to watch CSAR very closely. GLTA:)
Nothing wrong with taking a little profits:)GLTY
Just jumped in @ 3.55....This will see a nice bounce back today/tomorrow I'm sure. IMO
GLTA
Yahoooooooooooo....Looking great:)
Are we not suppose to here some news today? Lets hope so!
Stay green CSAR:)
GLTA
This is good news for MGM....But wasn't this to be expected tho???
Going to be interesting to see what this opens at tomorrow.
& Why was trading halted at 3pm when PR came out at 5pm? How come their was no AH trading?
PRESS RELEASE
Human Genome Sciences Announces First Quarter 2009 Financial Results and Key Developments
-- First HGS product sales achieved with delivery of ABthrax(TM) to U.S. Strategic National Stockpile - -- $177 million in first quarter revenues; cash balance of $397 million as of March 31, up $24 million from year-end 2008 - -- Positive results for second Phase 3 trial of Albuferon(R) in chronic hepatitis C; global marketing applications planned in fall 2009 - -- Initiation of Syncria(R) Phase 3 program brings $9 million milestone payment from GSK -
Last update: 4:05 p.m. EDT April 29, 2009
ROCKVILLE, Md., April 29, 2009 /PRNewswire-FirstCall via COMTEX/ -- Human Genome Sciences, Inc. (HGSI:
Human Genome Sciences Inc
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4:00pm 04/29/2009
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HGSI 1.39, +0.06, +4.5%) today announced financial results for the quarter ended March 31, 2009, and provided highlights of recent key developments.
"In the first quarter of 2009, we achieved our first product sales with ABthrax, and both Albuferon and LymphoStat-B(R) continued to make excellent progress toward commercialization," said H. Thomas Watkins, President and Chief Executive Officer. "We reported positive results from the second of two pivotal trials of Albuferon in chronic hepatitis C, and we plan global marketing applications in fall 2009. We are on track to have the results of our two Phase 3 trials of LymphoStat-B in July and November 2009. We also received a $9 million milestone payment from GSK with the initiation of Phase 3 clinical development of Syncria in type 2 diabetes. In addition, we made solid financial progress during the quarter, reducing our long-term debt and strengthening our cash position."
FINANCIAL RESULTS
HGS reported that revenues for the quarter ended March 31, 2009 increased to $177.3 million, compared with revenues of $12.3 million for the same period in 2008. Revenues included $153.8 million recognized upon the sale and delivery of ABthrax to the U.S. Strategic National Stockpile, $9.0 million recognized from the Syncria agreement with GSK, $8.9 million recognized from the Albuferon agreement with Novartis and $1.6 million recognized from the LymphoStat-B agreement with GSK.
Net income for the quarter ended March 31, 2009 increased to $129.8 million ($0.85 diluted per share), compared with a net loss for the first quarter of 2008 of $52.7 million ($0.39 per share). The net income for the quarter was due primarily to revenue recognized from the delivery of ABthrax under the Company's contract with the U.S. Government. HGS has previously expensed substantially all of the research, development and manufacturing costs related to meeting the terms of the contract.
Cash and investments increased by $24.0 million during the first quarter. As of March 31, 2009, cash and investments totaled $396.9 million, of which $329.3 million was unrestricted and available for operations. This compares with cash and investments totaling $372.9 million as of the end of December 31, 2008, of which $303.6 million was unrestricted and available for operations.
In February 2009, HGS repurchased $106.2 million principal amount of its outstanding convertible debt at a cost of $50.0 million in cash. The repurchase included $82.9 million principal amount of the Company's 2-1/4% Convertible Subordinated Notes Due October 2011, and $23.3 million principal amount of the Company's 2-1/4% Convertible Subordinated Notes Due August 2012.
"The first quarter of 2009 was clearly a very strong quarter for HGS from a financial perspective," said Tim Barabe, Senior Vice President and Chief Financial Officer, HGS. "Our revenues were up substantially and were driven for the first time by product sales. We reduced our long-term debt by more than 20 percent by capitalizing on an opportunity to repurchase $106 million of our outstanding convertible notes at reasonable prices. Our cash position was strengthened and continues to be sufficient to take us through the availability of Phase 3 data, the filing of marketing applications and the launch of our late-stage products."
HIGHLIGHTS OF RECENT PROGRESS
First HGS Product Sales Achieved with Delivery of ABthrax(TM) to U.S. Strategic National Stockpile; $154 Million in Revenue Recognized in the First Quarter
In the first quarter of 2009, HGS achieved its first product sales by initiating the delivery of 20,000 doses of ABthrax (raxibacumab) to the U.S. Strategic National Stockpile for emergency use in the treatment of inhalation anthrax. The Company expects to complete delivery in the current quarter. HGS recognized $153.8 million in ABthrax revenue in the first quarter, including $127.8 million in product sales, and will recognize at least $8.0 million in additional revenue from delivery in the second quarter of 2009.
Also under the contract, HGS plans to file a Biologics License Application (BLA) with the FDA in the second quarter of 2009. The Company will receive an additional $10 million from the U.S. Government upon FDA licensure of ABthrax. ABthrax is being developed under a contract entered into in 2006 with the Biomedical Advanced Research and Development Authority (BARDA) of the Office of the Assistant Secretary for Preparedness and Response (ASPR), U.S. Department of Health and Human Services (HHS).
Positive Results Announced for Second of Two Phase 3 Trials of Albuferon(R) in Chronic Hepatitis C; Late-Breaker Results of Both Phase 3 Trials Presented at EASL
In March 2009, HGS reported that Albuferon (albinterferon alfa-2b) met its primary endpoint of non-inferiority to Pegasys (peginterferon alfa-2a) in ACHIEVE 1, a Phase 3 clinical trial of Albuferon in treatment-naive patients with genotype 1 chronic hepatitis C. As previously reported, Albuferon also met its primary endpoint in ACHIEVE 2/3, which was conducted in treatment-naive patients with genotypes 2 and 3 chronic hepatitis C.
The results of both trials were presented on April 25 in the late-breaker session at the 44th annual meeting of the European Association for the Study of the Liver (EASL) in Copenhagen. The Phase 3 data demonstrate that, with half as many injections, in two pivotal Phase 3 trials, Albuferon achieved efficacy comparable to Pegasys with a positive safety profile. The submission of global marketing applications for Albuferon is planned in fall 2009, following discussions with the FDA and other regulatory authorities. Albuferon is being developed by HGS and Novartis under an exclusive worldwide co-development and commercialization agreement entered into in June 2006.
LymphoStat-B(R) Phase 3 Results Expected in July and November 2009
HGS expects to report the first Phase 3 data for LymphoStat-B (belimumab) in July 2009 from the BLISS-52 trial, with results from BLISS-76 anticipated in November 2009. BLISS-52 and BLISS-76 are the largest clinical trials ever conducted in lupus patients. LymphoStat-B is being developed by HGS and GSK under a co-development and commercialization agreement entered into in August 2006.
$9 Million Milestone Payment Received from GSK Following Initiation of Phase 3 Development of Syncria(R)
HGS received a $9.0 million milestone payment during the first quarter of 2009, following GSK's initiation of a Phase 3 clinical trial program to evaluate Syncria (albiglutide) in the long-term treatment of type 2 diabetes mellitus. Syncria was created by HGS using its proprietary albumin-fusion technology, and licensed to GSK in 2004. HGS is entitled to fees and milestone payments that could amount to as much as $183.0 million, including $33.0 million received to date. HGS is also entitled to single-digit royalties on worldwide sales if Syncria is commercialized.
HGS and Morphotek Agree to Collaborate on Discovery, Development and Commercialization of Therapeutic Antibodies for Oncology and Immunology
In March 2009, HGS and Morphotek, Inc., a subsidiary of Eisai Corporation of North America, entered into a collaboration to discover, develop and commercialize therapeutic monoclonal antibodies in the fields of oncology and immunology that specifically target antigens discovered by HGS. Morphotek will be responsible for validating targets discovered through genomic research provided by HGS, generating and developing all monoclonal antibody candidates using proprietary Morphotek technologies, and conducting early preclinical proof-of-concept studies. HGS and Morphotek will have the right to participate in the development and commercialization of each antibody candidate.
CONFERENCE CALL
HGS management will hold a conference call to discuss this announcement today at 5 PM Eastern time. Investors may listen to the call by dialing 877-591-4959 or 719-325-4901, passcode 2810740, five to 10 minutes before the start of the call. A replay of the conference call will be available within a few hours after the call ends. Investors may listen to the replay by dialing 888-203-1112 or 719-457-0820, confirmation code 2810740. Today's conference call also will be webcast and can be accessed at www.hgsi.com. Investors interested in listening to the live webcast should log on before the conference call begins to download any software required. Both the audio replay and the archive of the conference call webcast will remain available for several days.
ABOUT HUMAN GENOME SCIENCES
The mission of HGS is to apply great science and great medicine to bring innovative drugs to patients with unmet medical needs. The HGS clinical development pipeline includes novel drugs to treat hepatitis C, lupus, inhalation anthrax and cancer.
The Company's primary focus is rapid progress toward the commercialization of its two lead drugs, Albuferon(R) (albinterferon alfa-2b) for hepatitis C and LymphoStat-B(R) (belimumab) for lupus. Albuferon has now completed Phase 3 development, and the filing of global marketing applications is expected in fall 2009. Two Phase 3 clinical trials of LymphoStat-B are ongoing, with results expected in July and November 2009.
In January 2009, HGS began delivery of 20,000 doses of ABthrax(TM) (raxibacumab) to the U.S. Strategic National Stockpile for use in the event of an emergency for the treatment of inhalation anthrax. The Company also has several drugs in earlier stages of clinical development for the treatment of cancer, led by the TRAIL receptor antibody HGS-ETR1 and a small-molecule antagonist of IAP (inhibitor of apoptosis) proteins. In addition, HGS has substantial financial rights to certain products in the GSK clinical pipeline including darapladib, currently in Phase 3 development as a potential treatment for coronary heart disease, and Syncria(R) (albiglutide), currently in Phase 3 development as a potential treatment for type 2 diabetes.
For more information about HGS, please visit the Company's web site at www.hgsi.com. Health professionals and patients interested in clinical trials of HGS products may inquire via e-mail to clinical_trials@hgsi.com or by calling HGS at (301) 610-5790, extension 3550.
HGS, Human Genome Sciences, ABthrax, Albuferon and LymphoStat-B are trademarks of Human Genome Sciences, Inc.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on Human Genome Sciences' current intent, belief and expectations. These statements are not guarantees of future performance and are subject to certain risks and uncertainties that are difficult to predict. Actual results may differ materially from these forward-looking statements because of the Company's unproven business model, its dependence on new technologies, the uncertainty and timing of clinical trials, the Company's ability to develop and commercialize products, its dependence on collaborators for services and revenue, its substantial indebtedness and lease obligations, its changing requirements and costs associated with facilities, intense competition, the uncertainty of patent and intellectual property protection, the Company's dependence on key management and key suppliers, the uncertainty of regulation of products, the impact of future alliances or transactions and other risks described in the Company's filings with the Securities and Exchange Commission. In addition, while the Company has begun shipment of ABthrax to the U.S. Strategic National Stockpile, the Company will continue to face risks related to acceptance of future shipments and FDA's approval of the Company's Biologics License Application for ABthrax, if and when it is submitted. If the Company is unable to meet requirements associated with the ABthrax contract, future revenues from the sale of ABthrax to the U.S. Government will not occur. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today's date. Human Genome Sciences undertakes no obligation to update or revise the information contained in this announcement whether as a result of new information, future events or circumstances or otherwise.
(See selected financial data on following pages.)
HUMAN GENOME SCIENCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
2009 2008
(dollars in thousands, except share
and per share amounts)
Revenue:
Product sales $127,769 $-
Manufacturing and development services 29,116 -
Research and development collaborative
agreements 20,392 12,275
Total revenue 177,277 12,275
Costs and expenses:
Cost of product sales 8,177 -
Cost of manufacturing and development
services 3,351 -
Research and development expenses 53,675 72,691
General and administrative expenses 14,279 16,011
Total costs and expenses (a) 79,482 88,702
Income (loss) from operations 97,795 (76,427)
Investment income 4,296 6,707
Interest expense (15,730) (15,517)
Gain on extinguishment of debt 38,873 -
Gain on sale of long-term equity investment 5,259 32,518
Other expense (680) -
Income (loss) before taxes 129,813 (52,719)
Provision for income taxes - -
Net income (loss)(b) $129,813 $(52,719)
Basic net income (loss) per share $0.96 $(0.39)
Diluted net income (loss) per share $0.85 $(0.39)
Weighted average shares outstanding,
basic 135,755,471 135,284,778
Weighted average shares outstanding,
diluted 163,423,487 135,284,778
(a) Includes stock-based compensation expense of $2,935 ($0.02 per
basic and diluted share) and $4,463 ($0.03 per basic and diluted
share) for the three months ended March 31, 2009 and 2008,
respectively.
(b) HGS adopted FASB Staff Position No. APB 14-1, Accounting for
Convertible Debt Instruments That May Be Settled in Cash upon
Conversion (Including Partial Cash Settlement) ("FSP APB 14-1")
effective January 1, 2009, which required restatement of prior
periods, as applicable. Includes amortization of debt discount of
$6,398 ($0.05 per basic share and $0.04 per diluted share) for the
three months ended March 31, 2009. 2008 results have been
restated and now include amortization of debt discount of $5,854
($0.04 per basic and diluted share) for the three months ended March
31, 2008. Results for 2009 and 2008 also include certain other
immaterial adjustments arising from the adoption of FSP APB 14-1.
CONSOLIDATED BALANCE SHEET DATA:
As of As of
March 31, 2009 December 31, 2008(c)
(dollars in thousands)
Cash, cash equivalents and
investments (d) $396,852 $372,939
Total assets (d) 735,365 686,832
Convertible subordinated debt (e) 334,269 417,597
Lease financing 247,061 246,477
Total stockholders' deficit (3,448) (136,304)
(c) As noted in footnote (b) above, FSP APB 14-1 required restatement of
prior periods. Total assets, convertible subordinated debt, and
total stockholders' deficit as previously reported were $674,164,
$510,000, and $(241,375), respectively, as of December 31, 2008.
(d) Includes $67,569 and $69,360 in restricted investments at March 31,
2009 and December 31, 2008, respectively.
(e) Convertible subordinated debt is net of unamortized debt discount of
$69,581 and $92,403 as of March 31, 2009 and December 31, 2008,
respectively. Convertible subordinated debt at face value is
$403,850 and $510,000 as of March 31, 2009 and December 31, 2008,
respectively.
SOURCE Human Genome Sciences, Inc.
http://www.hgsi.com/
Solid close....I think we might see this have a nice run up tomorrow.IMO
Bid 0.10 Ask 0.13
lol....Great close indeed:) Lets hope tomorrow is even better with some positive PR
GLTA
what's the reason for the trading halt on MGM???
Holding nicely here....I think we might see a green close:)
Lets hope so:) Looking good at the moment....Might see another nice run up before EOD. Lets also see this bad boy close @ a new HOD. Volume does indicate possible big news on the way!
GLTA
I do agree......Keeping a close eye on it:)
Not risking much either here, I'm holding a bit long term to see what will happen. Lets go $1.50:)
GLTY
Thanks for the info Pennystock1:)
Very odd, But I ain't complaining:) Just wonder if I should be selling or holding here. Hmmmmmmmmmmmmmmmmmmm
Any reason for the run up this morning?
ASYT going to trade on the pink sheets come tomorrow. You might be right about it finding it's bottom. Just to dangerous of a play for me at this point. GLTY
That's some good DD ToyotaMR2s..... But In this situation their is no outside buyer. It's really unclear what will happen with their common shares. I'm hearing a lot of different things at this point. Trying to get info from the company.
714trader, what was with the spike with CEGE???
Any PR came out?
Hmmmmmmmmm.......Looks like .10 might have been a smart sell today
Well yes, But when a company is already public and decides to then go private, does that mean that common share holders lose everything???
If they expect to emerge form BK with positive cash flow. How can public investors lose everything???
Ouch.....I just saw that. Why such a spike??? @ .75 now
I know what ya mean....Gotta run, gonna miss the EOD. Let's hope we see it close above .10
I hear ya:) I'm holding until tomorrow. I believe this can hit 0.13 to 0.16 range in tomorrows trading session. IMO
GLTY
You still in SPSN 714trader? I sold last week to jump into a couple of others. I plan on getting back in soon, I just didn't like the way it was trading as of late.
Ha, what's up 714trader? I know this one is very dangerous.
Not going to hold this one too long:) I'm trying to find info on what this will mean for common share holders in the future.(privatization) Do you know 714trader? If this