ALNY , MRK ,,, Alnylam First-Quarter Loss Shrinks
Wednesday May 11, 4:46 pm ET
Alnylam Posts Substantially Smaller First-Quarter Loss, Helped by Merck & Co. License Pact
CAMBRIDGE, Mass. (AP) -- Biopharmaceutical company Alnylam Pharmaceuticals Inc. said Wednesday that its first-quarter loss shrank as a collaboration with Merck & Co. boosted revenue.
The company posted a loss of $6.6 million, or 32 cents per share, compared with a year-ago loss of $15.5 million, or $9.39 per share, a year earlier. The 2004 results include a $2 million loss from accretion of redeemable convertible preferred stock, and were based on substantially fewer outstanding shares.
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Revenue jumped more than 10-fold to $1.6 million from $134,000 during the same period last year. Alnylam said the surging growth came primarily from a $1.2 million cost reimbursement related to its June 2004 license agreement with Merck for the development of RNA-based treatments for eye diseases.
A recent license agreement with GeneCare Research Institute Co. also boosted revenue, the company said.
Alnylam shares closed up 29 cents, or 3.7 percent, at $8.07 on the Nasdaq.
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