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Alexion joins R.I. mix

mod134

By mod134
in Rhode Island

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mental757 Burg

mental757

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from the 5/3/07 PROJO:

"Revenues sharply up for pharmaceutical firm

Cheshire, Conn.-based Alexion Pharmaceuticals, Inc. (ALXN:Nasdaq) reported first-quarter revenues of $6.3 million compared with $0.8 million for the same period last year. During January, the company, which plans to open a manufacturing plant in Smithfield, initiated sales through a named-patient program in Europe, which allows for the sale and distribution of Soliris (eculizumab) prior to marketing approval for the treatment of an individual patient based upon physician request. Net sales recognized under the named-patient program were $1 million for the quarter. The remaining revenue consisted of the remaining milestone payment related to a collaboration agreement with Procter & Gamble Pharmaceuticals. Total reported expenses for the first quarter were $41.1 million, compared with $29.4 million for the same period last year. The company incurred a net loss for the quarter of $32.7 million, or 92 cents basic and diluted net loss per common share, compared with a net loss of $27.2 million, or 88 cents basic and diluted net loss per common share, for the same period last year. In connection with the purchase and upgrade of its manufacturing facility in Rhode Island, the company capitalized renovation and upgrade costs of $14.1 million during the quarter. Cumulative capitalized expenses related to the facility totaled $42.9 million as of March 31."

from the 7/14/06 PROJO:

article summary:

"Connecticut-based Alexion, a drug development company, bought Dow Chemical's former plant to produce Soliris, a drug for treating a rare genetic blood disorder. Alexion plans to have at least 80 employees staffing the facility.

Alexion will remain headquartered in Cheshire, Conn., but expects to start producing the drug in the 55,000-square-foot Rhode Island facility in 2008 after retrofitting the plant and gaining approvals from the U.S. Food and Drug Administration and the European Medical Agency. Soliris still must gain final approval from the FDA.

Alexion was listed on Nasdaq in 1996, and is one of this year's best performing biotechnology stocks, despite being unprofitable, said David Webber, an analyst following the stock for First Albany Capital. Positive results from clinical tests earlier this year boosted investors' confidence in the company, said Webber. Yesterday, the company's stock dropped 60 cents, to $34.10 a share. Alexion's stock hit a 52-week low in November of $18.62 a share, but shares more than doubled in price by March to hit a 52-week high of $38.40.

ALEXION PHARMACEUTICALS

Hdqts.: Cheshire, Conn.

CEO: Leonard Bell

Employees: 250

Product: Soliris, a treatment for blood disorders.

2005 Sales: $1.06 million

2005 Loss: $109 million

Ticker: ALXN: Nasdaq

* * *

The former Dow Chemical manufacturing plant on Route 7 in Smithfield has been purchased by Alexion Pharmaceuticals Inc. of Cheshire, Conn., which plans to produce a drug there used to treat a rare genetic blood disorder.

* * *

Construction is under way for a new access road leading to the former Dow Chemical plant in Smithfield. Alexion Pharmaceuticals Inc., of Connecticut, will be moving into the plant and hopes to begin production of a new drug there in 2008."

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