GTx reports net income of $44.3M for first-quarter 2010 compared with net loss of $11.3M in 2009
January 27, 2016
Revenue for the first quarter of 2010 was $56.6 million compared to $3.6 million for the same period in 2009. Revenues included net sales of FARESTON?® (toremifene citrate) 60 mg, marketed for the treatment of metastatic breast cancer in postmenopausal women and collaboration revenue from our collaborations with Ipsen Biopharm Limited and Merck & Co., Inc. Net sales of FARESTON?® were $799,000 and $759,000 for the three months ended March 31, 2010 and 2009, respectively. Collaboration revenue was $55.8 million and $2.9 million for the first quarter of 2010 and 2009, respectively. Collaboration revenue for the first quarter of 2010 included the recognition of approximately $54.9 million as a result of the termination of our license and collaboration agreement with Merck in March 2010. Additionally, collaboration revenue in the current quarter included approximately $922,000 from the amortization of deferred revenue from Ipsen. Collaboration revenue for the first quarter of 2009 consisted of approximately $1.5 million and approximately $1.4 million from the amortization of deferred revenue from Ipsen and Merck, respectively.
For the three months ended March 31, 2010 and 2009, research and development expenses were $7.7 million and $8.3 million, respectively. General and administrative expenses decreased during the three months ended March 31, 2010 to $4.5 million from $6.5 million for the three months ended March 31, 2009.
At March 31, 2010 GTx had cash, cash equivalents and short-term investments of $38.7 million.
SOURCE GTx, Inc.