ZymoGenetics Sells Land for $11.5 Million
Luke Timmerman8/29/08
ZymoGenetics, the Seattle biotech company that markets Recothrom for surgical bleeding, said today in a regulatory filing that it has sold a parcel of lake near its headquarters on Eastlake Avenue East for $11.5 million, and will record a gain on the sale of $7 million. The company bought the land in 2001 and 2002, to bank it for future expansion. ZymoGenetics (NASDAQ: ZGEN) has been looking to conserve cash lately, as sales of Recothrom have gotten off to a slower start than Wall Street analysts had expected.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
