Biotech, Finance, Life Sciences

Biotech Survival Index 2: Boston Life Sciences Companies Squirrel Away More Cash for Long Winter

Luke Timmerman 3/17/09

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—Antigenics (NASDAQ: AGEN). This Lexington, MA-based developer of an immune-boosting treatment for cancer, spent about $32 million on operations in 2008, and closed the year with $34 million left. The company cut one-fifth of its workforce in February, and eliminated cash bonuses and its 401k match program to conserve cash.

—Ariad Pharmaceuticals (NASDAQ: ARIA). This Cambridge, MA-based developer of cancer drugs burned through $48.5 million in cash in 2008, and closed the year with $39.1 million. It says it is tightening its belt this year, expecting to spend $20 million to $24 million of its cash in 2009. The company raised an additional $24.3 million from investors last month.

—AMAG Pharmaceuticals (NASDAQ: AMAG). This Lexington, MA-based company is still awaiting word from the FDA on whether it can get approval to sell its treatment for anemia in patients with kidney disease. But it doesn’t appear in immediate jeopardy of running out of money. It reported a net loss of $71.6 million last year, and had $215 million in cash heading into 2009.

—ArQule (NASDAQ: ARQL). This Woburn, MA-based cancer drug developer reported a net loss of $50.8 million last year, but not to worry, it had socked away $206 million in cash and marketable securities at the end of December. That ought to be enough to run the company for three years, the company says.

—Biogen Idec (NASDAQ: BIIB). The world’s largest maker of multiple sclerosis drugs, Cambridge, MA-based Biogen is seriously loading up for a rainy day, building its cash reserves up from $979 million at the end of 2007 to $1.34 billion at the end of 2008.

—Boston Scientific (NYSE: BSX). The Natick, MA-based medical device maker has had it troubles, but cash isn’t one of them. It had a $1.64 billion stockpile heading into this year, compared with $1.45 billion a year ago. …Next Page »

Luke Timmerman is the National Biotechnology Editor for Xconomy. You can e-mail him at ltimmerman@xconomy.com, call 206-624-2374, or follow him on Twitter at http://twitter.com/ldtimmerman.