ZymoGenetics Sells Land for $11.5 Million

8/29/08

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.

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