* Q1 revenue 3.3 mln euros vs 100,000 euros in Q1 2008
* Q1 operating expenses 4.3 mln euros, due mainly to R&D
* Cash 55.3 mln euro at end Q1 vs 58.9 mln euros at end 2008
* Seeking partner for Microplasmin for vascular disease
* Says clinical, pre-clinical programs on track
BRUSSELS, May 14 (Reuters) - Belgian biotech company ThromboGenics THR.BR said first quarter revenues leapt and it was on track with its drug pipeline development and confident about its future.
“I am confident that ThromboGenics will continue to generate significant shareholder value throughout the remainder of the 2009 as we continue to maximise the value of our exciting product pipeline,” Chief Executive Patrik De Haes said in a statement.
ThromboGenics, which develops drugs for conditions related to the vascular system such as cardiovascular disease, visual disorders and cancer, said first quarter revenues swelled to 3.3 million euros from 100,000 euros in the same period last year.
The sharp increase was mainly due to a 3 million euro fee received from Roche ROG.VX. The company said in January it had received payment from Roche for progress in developing an anti-cancer drug. [ID:nLQ130736]
ThromboGenics said it was still searching for a partner with which to develop its enzyme, Microplasmin for stroke patients. De Haes told Reuters previously that he was searching for a mid-sized partner for the endeavour.
Microplasmin is currently in Phase III clinical studies for treatment of back-of-the-eye disease. ThromboGenics predicted it would report the results of these studies in the second half of 2010.
Microplasmin is also in Phase II trials to evaluate the enzyme for treating patients with Diabetic Macular Edema. The results of this trial are set to be presented towards the end of the year, the company said.
The company said it was progressing on schedule in all its clinical and pre-clinical programs.
ThromboGenics said it had 55.3 million euros in cash and cash equivalents as of March 31, just down from 58.9 million euros in cash and cash equivalents at the end of 2008.
It repeated that this would be enough cash to operate according to its current plans for the next two years.
Operating expenses came to 4.3 million euros for the quarter, ThromboGenics said, which were mostly accounted for by the company’s research and development expenses.
Reporting by Anne Jolis; editing by Elaine Hardcastle