Biotech Survival Index: Boston Life Sciences Companies Brace for Long, Hard Winter
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—Exact Sciences (NASDAQ: EXAS). This Marlborough, MA-based company said it had enough cash to run through the end of June 2009. It had $6.1 million in cash on hand at the end of September.
—Genzyme (NASDAQ: GENZ). The Cambridge, MA-based biotech company had almost $1 billion in cash at the end of September, and $119 million in profit in the quarter. It had another $646 million in long-term and equity investments on its balance sheet, so this company ought to be able to withstand a pretty strong jolt.
—Hologic (NASDAQ: HOLX). This Bedford, MA-based medical imaging company had $99 million in cash at the end of September, almost identical to what it started the year with. It acquired Madison, WI-based Third Wave Technologies in the third quarter for $600 million.
—Idenix Pharmaceuticals (NASDAQ: IDIX). The Cambridge, MA-based company had $60.1 million in cash and investments, and expects to finish the year with $45 million to $50 million. It started the year with $88 million.
—Idera Pharmaceuticals (NASDAQ: IDRA). The Cambridge, MA-based drug developer had $59.1 million in cash and investments at the end of September, enough to run through the end of the first quarter of 2010.
—ImmunoGen (NASDAQ: IMGN). This Waltham, MA-based company had $44.6 million in cash at the end of September, and has cut its cash spending rate in half from a year earlier. The company expects to get a milestone payment from its partner, Genentech, in the first half of next year when it starts a Phase III clinical trial of a souped-up version of trastuzumab (Herceptin) that uses ImmunoGen’s technology.
—Indevus Pharmaceuticals (NASDAQ: IDEV). This Lexington, MA-based company is reporting third quarter financials today. It had $52.6 million in the bank at the end of June.
—Infinity Pharmaceuticals (NASDAQ: INFI). This Cambridge, MA-based cancer drug developer “may never access capital markets again,” said Christopher Raymond, an analyst with Robert W. Baird, in a note to clients last week. That’s because Infinity struck a partnership with Purdue Pharma that brings in $75 million upfront, and fully covers development costs of several drugs in its pipeline. Infinity had $80.8 million in cash and investments at the end of September and a $12.4 million net loss in the quarter.
—Inverness Medical Innovations (NASDAQ: IMA). This Waltham, MA-based diagnostics company is sitting on a much smaller cash horde than the beginning of the year. It had $154.2 million in cash at the end of September, compared with $414 million at the beginning of the year.
—Molecular Insight Pharmaceuticals (NASDAQ: MIPI). This Cambridge, MA-based company had stockpiled $118.5 million at the end of September, although this figure includes long-term investments. It felt the need to tell investors it has money in U.S. Treasuries, in case anybody’s wondering whether the loot is safe.