Alnylam posts significant year-on-year increase
CAMBRIDGE, Mass. Alnylam Pharmaceuticals has released its financial results for the fourth quarter and year that ended on Dec. 31, 2007.
On Dec. 31, 2007, Alnylam had cash, cash equivalents, and marketable securities of $455.6 million, compared to $217.3 million at the end of 2006. The significant increase in cash from 2006 was primarily due to $331 million received from the RNAi therapeutic alliance with Roche that closed in August 2007.
Revenues in the fourth quarter of 2007 were $18.2 million, as compared to $7.0 million for the same period last year. Revenues for the full year ended Dec. 31, 2007, were $50.9 million as compared to $26.9 million for the prior year.
“A major event for the year was the advancement of our lead program ALN-RSV01, an RNAi therapeutic for the treatment of respiratory syncytial virus infection, into Phase II trials and the recent achievement of positive results with statistically significant anti-viral activity. We look forward to presenting the detailed results of the GEMINI study later this month at a clinical meeting,” stated Barry Greene, president and chief operating officer of Alnylam. “In addition, we are very pleased with our continued leadership in the advancement of delivery solutions for RNAi therapeutics and efforts on miRNA therapeutics, as measured by our scientific publications and presentations at scientific meetings. These efforts pave the way for the advancement of RNAi therapeutics with both direct and systemic delivery.”
Alnylam expects that its cash, cash equivalents and marketable securities balance will be greater than $390 million at Dec. 31, 2008.