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Synta Pharmaceuticals Corp. is reporting that profits and revenue are up, due to the accelerated receipt of payments from a partnership with GlaxoSmithKline.
GSK canceled the partnership, following Synta’s halting of a late stage drug trial, amid safety concerns in February.
In the third quarter, Synta recognized total revenue of $130.4 million, of which $114.6 million was related to the termination of the GlaxoSmithKline deal. Upfront license and milestone payments from GSK were previously being recognized over the estimated 15-year term of the agreement.
Total collaboration revenue was $130.4 million in the third quarter of 2009 compared to net revenue of $1.3 million for the same period in 2008.
The company spent less on research and development during the third quarter this year, as compared to last year, since researchers were no longer working on the halted trial, which was for a drug candidate designed to treat metastatic melanoma, called elesclomol.
Research and development expenses were $9.1 million for the third quarter in 2009, compared to $24.1 million for the same period in 2008.
The company reported net income of $118.1 million, for the third quarter in 2009, compared to a net loss of $26.3 million for the same period in 2008.
As of September 30, Synta (Nasdaq: SNTA) had $51.7 million in cash, cash equivalents and marketable securities. This compares to $73.6 million as of December 31, 2008.
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