Genmab more than doubles revenues for nine-month period

By Lisa Kerner

Charlotte, N.C., Oct. 31 - Genmab A/S said that for the nine-month period ended Sept. 30 its revenues more than doubled to $17.9 million from $7.7 million in the same period in 2005.

Net income for the period was down at $3.8 million, from $5.1 million in the nine-month period ended Sept. 30, 2005.

The company's operating loss for the nine months of $55.0 million was almost unchanged from the prior-year period's reported $54.8 million.

Genmab reported a net loss of roughly $51.2 million, or $1.32 loss per share, for the nine months compared to a net loss of approximately $49.8 million, or $1.62 loss per share, for the same period in 2005.

At Sept. 30, the company had $315.5 million, an increase of approximately $102.8 million from the end of 2005.

Genmab reported a number of company highlights for the period, including the start of a phase 3 pivotal study in HuMax-CD20 (ofatumumab) to treat follicular non-Hodgkin's lymphoma and completion of enrollment in the HuMax-CD20 phase 2 rheumatoid arthritis study.

On Oct. 18, the company unveiled its proprietary new technology known as the UniBody platform.

Genmab is a biotechnology company located in Copenhagen, Denmark.

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