Altus Pharmaceuticals Inc. (ALTU)

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Altus Pharmaceuticals Swings To Profit In Q4; Provides Milestones For Various Programs - Quick Facts

(RTTNews) - Altus Pharmaceuticals Inc. (ALTU) on Tuesday reported fourth-quarter net income of $5.47 million from last year's net loss of $14.38 million a year ago. Net income attributable to common stockholders was $5.41 million, compared to net loss of $14.48 million last year. Net income attributable to common stockholders per share was $0.16, compared to net loss per share of $0.63.

Total revenue for the quarter soared to $26.77 million from $1.14 million in the comparable quarter of last year, primarily due to its former ALTU-238 collaboration agreement with Genentech Inc. (DNA), which was terminated effective December 31, 2007. Included in the fourth quarter revenue was $25.1 million associated with the ALTU-238 agreement.

Looking ahead, the firm expects net cash used in operating activities to be between $85 million and $95 million in 2008. This is based on its current operating plans, expected timing and cost of the Trizytek Phase 3 efficacy and safety trials, the ALTU-238 Phase 1c trial, and the ALTU-237 Phase 1 clinical trial and other product development programs.

Among other programs, Altus noted that the Trizytek NDA submission remains on track for first-half of 2009. It reiterated its plans to conduct the Phase 1c trial for ALTU-238, and also plans to report data from the Phase 1 trial of ALTU-237 in hyperoxaluria during the second quarter of 2008.