November 4, 2009 / 11:57 AM / 10 years ago

ThromboGenics drug pipeline on track

* Cash shrinks due to cost of late-stage trials

* 9-month revenue 3.7 mln euros vs 30.3 mln 9-months 2008

* Shares up 2.3 percent

BRUSSELS, Nov 4 (Reuters) - Belgian biotech company ThromboGenics NV THR.BR is on track with its drug development pipeline and its partnership with Swiss drugmaker Roche AG ROG.VX is making good progress, it said on Wednesday.

Thrombogenics, which develops drugs for conditions related to the vascular system, such as cardiovascular disease, visual disorders and cancer, said it had completed patient enrolment for the U.S. Phase III study of its lead product microplasmin for treatment of back-of-the-eye disease.

Recruitment for its second Phase III trial was making good progress, it said.

It had also completed patient recruitment for a Phase II study for TB-402, its drug to prevent blood clots developed in conjunction with Sweden’s BioInvent (BINV.ST).

The group’s partnership with Roche for the development of anti-cancer drug TB-403 was also on track, it said.

“The coming period promises to be very exciting and should be supportive for Thrombogenics stock,” KBC analyst Jan De Kerpel said in a note to clients.

At 1110 GMT, the stock was up 2.3 percent at 15.60 euros, against a 1.9 percent rise in the Euronext Belgian midcap index .BELM.

ThromboGenics said nine-month revenue totalled 3.7 million euros ($5.5 million) against 30.3 million euros a year earlier.

This year’s figure was boosted by a 3 million euro fee the group received in January from Roche for progress in developing an anti-cancer drug, while last year’s figure jumped due to an upfront 30 million euro payment from Roche as part of a deal signed earlier in 2008.

ThromboGenics said it had 43.1 million euro in cash and cash equivalents at the end of September, down from 60.9 million a year before.

The cash burn was due to 10.4 million euros in expenses related to the microplasmin Phase III clinical programme, which were capitalised over the first nine months of this year.

Research and development expenses were 12.6 million euros during this nine month period, the group said. (Reporting by Antonia van de Velde; Editing by David Holmes) ($1=.6782 Euro)

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