0.82%C 7.63 5.68%UYG 5.17 4.23%
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CAMBRIDGE, Mass. - Altus Pharmaceuticals Inc. said Tuesday it swung to a fourth-quarter profit on a sizable payment from former partner Genentech Inc. after that company pulled out of a development deal.
The company earned $5.4 million, or 16 cents per share, compared with a loss of $14.5 million, or 63 cents per share, during the same period a year ago. Revenue surged to $26.8 million from $1.1 million.
Analysts polled by Thomson Financial expected a loss of 69 cents per share on revenue of $1.5 million.
The revenue included $25.1 million associated with the former ALTU-238 partnership. Genentech left the collaboration in December. ALTU-238 is a human growth hormone under development.
Altus also reported a $4 million gain from a termination fee paid by Genentech..
For the full year, the company lost $63.5 million, or $2.23 per share, compared with a loss of $57 million, or $2.75 per share, in 2006. Revenue rose to $28.5 million from $5.1 million.
Altus had $138.3 million in cash, cash equivalents and marketable securities as of Dec. 31. The company expects to use between $85 million and $95 million in cash for operating activities in 2008.
U.S. stocks fell on Wednesday after signs of weakening employment and a contraction in service industries overcame earlier gains in the trading s...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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