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Alnylam Pharmaceuticals is reporting a widening loss due to the company’s burgeoning portfolio of partnerships and increased research and development costs.
The Cambridge-based biotechnology company focusing on RNA interference technologies, had a net loss of $22.7 million in the second quarter of 2009, up from $12.8 million during the corresponding period in 2008.
Research and development costs increased to $38.6 million for the second quarter of 2009 up from $29.6 million for the second quarter of last year. The company reports that the increase in research and development spending was due to increased costs for clinical and pre-clinical program and licence payments the company made in conjunction with a collaboration with Isis Pharmaceuticals.
Alnylam had cash on hand of $473.8 million on June 30, down from $512.7 million at the end of 2008.
Alnylam has been granted 30 patents since the beginning of the year — double the amount the company predicted for the year.
Alnylam’s (Nasdaq:ALNY) stock was trading at $21.58 in midday trading on Friday, up from $22.21 at the previous close.
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