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Genmab says has no immediate plan to raise new funds

Tue Oct 27, 2009 9:57am EDT

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COPENHAGEN, Oct 27 (Reuters) - The head of Danish biotech firm Genmab (GEN.CO) said on Tuesday that the company had no immediate plans to raise new funds in the market but said she would not rule it out altogether.

"While we do not have any immediate plans to raise new funds for Gemmab, a biotech executive will never say 'never' on that score," Chief Executive Lisa Drakeman told analysts in a conference call.

Her remarks came after Genmab earlier on Tuesday said that the U.S. Food and Drug Administration (FDA) granted accelerated approval for its Arzerra drug for patients with chronic lymphocytic leukemia (CLL).

Genmab said that the FDA's approval would trigger a milestone payment of about $23 million to Genmab from its partner GlaxoSmithKline (GSK.L).

Another Genmab executive said that the milestone payment would be booked in the fourth quarter.

(Reporting by John Acher)



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