Wednesday, October 28, 2009

Vertex Pharma sees wider Q3 loss

By Julie M. Donnelly

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Vertex Pharmaceuticals Inc. said its third quarter loss widened amid increased costs and hiring stemming from the anticipated launch of its drug target for hepatitis C next year.

“We remain focused on the completion of the telaprevir Phase 3 registration program and are on track to submit a telaprevir New Drug Application in the second half of 2010,” said Vertex chairman and CEO Matthew Emmens in a prepared statement.

The Cambridge-based biotechnology firm posted a loss of $149.6 million in the third quarter, compared with a $130 million loss for the corresponding period in 2008.

The company’s revenue declined to $25 million for the three months ended Sept. 30, down from $31.6 million during the third quarter of 2009.

Vertex had $856.6 million in cash on hand as of Sept. 30.

At the beginning of October, Vertex came out with news that it will receive an expected total cash infusion of $155 million stemming from two separate milestone-related transactions.