The Seattle Biotech Survival Index: Companies Bounce Back in Mid-2009

9/22/09Follow @xconomy

Seattle’s biotechnology industry is in significantly better financial shape than it was six months ago. The turnaround has been nothing short of amazing, thanks to a frantic run of dealmaking, cost-cutting, and remarkable clinical trial results that have made local companies some of the best-performing stocks this year on the NASDAQ.

Indeed, while our first analysis of the Northwest’s public life sciences companies, published last November, showed that six of 10 companies had less than a year’s worth of cash on hand at that point, only one—Seattle-based Northstar Neuroscience—actually folded.

And when we took a look at the most recent quarterly reports filed with the Securities and Exchange Commission by the 12 companies we’re following right now (11 of them public, one preparing for its IPO), we found that seven of them were actually in a stronger position at the end of June than they were at the start of the year. What’s more, three of the companies that were classified by this analysis as worse off (Seattle-based Trubion Pharmaceuticals and Targeted Genetics and Bothell, WA-based OncoGenex Pharmaceuticals) have recently struck partnerships or completed financings that aren’t yet reflected in the federal filings, but have clearly improved their financial futures.

Read on for a complete rundown of all 12 companies, listed in alphabetical order. To purchase a much expanded version of this report, in PDF format, click the “Add to Cart” button below. The expanded version, available for $95,* includes an assessment of each company’s financial position at the end of June compared to six months earlier, the projected length of time it can survive on its existing cash reserves, and an analysis of the strategic moves it has made to stay afloat in the current environment. Click here to see a sample entry. *Price is subject to change without notice.

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We intend to repeat this analysis regularly to monitor the financial health of the life sciences companies we follow in San Diego, Seattle, and Boston. Please send feedback to editors@xconomy.com.

AVI Biopharma (NASDAQ: AVII)
Cash on hand: $20.2 million
Related Xconomy coverage:
AVI Biopharma Bolts from Portland to Seattle to Tap Biotech Talent
AVI Biopharma Out to Reinvent Itself, Making RNA-based Drugs for Ebola and Other Nasty Things
Ebola Fighter AVI Biopharma Gears Up for Biodefense Contracts

Cell Therapeutics (NASDAQ: CTIC)
Cash on hand: $12 million
Related Xconomy coverage:
Cell Therapeutics Teeters on the Brink as Cash Runs Out on Promising Cancer Drugs
Cell Therapeutics Taps Stock Market Again, Seeks $40M or More
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Cell Therapeutics Reports Severe Cardiac Events in Drug Trial

Dendreon (NASDAQ: DNDN)
Cash on hand: $287.5 million
Related Xconomy coverage
:
Dendreon Saga Heads Toward Climax, As Cancer Drug Aims to Prove It Prolongs Lives
No Devil in Details: Dendreon Data Stands Up to Scrutiny from Doctors, Investors
Dendreon Goes on Hiring Binge After Prostate Cancer Drug Boosts Survival
Dendreon Drug Works, But Can It Manufacture Enough to Meet Demand?
Dendreon Tames Short Sellers, Transforms Itself into Old-School Buy-and-Hold Stock
Dendreon May Not Survive Its Success: Q&A with Founder Chris Henney, Part 1

MDRNA (NASDAQ: MRNA)
Cash on hand: $9.4 million
Related Xconomy coverage:
MDRNA Cuts Executive Pay, Freezes Salaries as Cash Runs Out
MDRNA Pays Off $5.5M Debt
MDRNA Nabs $7.25M From Novartis

Omeros (NASDAQ: OMER)
Cash on hand: $10.4 million
Related Xconomy coverage:
Omeros Plans to Test Waters with First Washington IPO in Two Years, Sources Say
Omeros Moves Closer To IPO, Sets Price Goal

OncoGenex Pharmaceuticals (NASDAQ: OGXI)
Cash on hand: $5.7 million
Related Xconomy coverage:
OncoGenex, Toiling in Dendreon’s Shadow, Scopes Out Partners For Prostate Cancer Drug
OncoGenex Raises $9.5M
OncoGenex Drug Helps Prostate Cancer Patients Live Longer in Small Study
Prostate Cancer Drug Vaults OncoGenex Onto Investor Radar Screens

To purchase a much expanded version of this report, in PDF format, click the “Add to Cart” button.
For $95,* you’ll get an assessment of each company’s financial position at the end of June compared to six months earlier, the projected length of time it can survive on its existing cash reserves, and an analysis of the strategic moves it has made to stay afloat in the current environment. Click here to see a sample entry. Add to Cart
*Price is subject to change without notice

Oncothyreon (NASDAQ: ONTY)
Cash on hand: $22.7 million
Related Xconomy coverage:
Goodbye Cancer Vaccines, Hello Cancer Drugs: Oncothyreon Reinvents Itself
Oncothyreon Sells Off Stimuvax, Cuts Jobs, Facilities To Preserve Cash
Oncothyreon Raises $15M

Seattle Genetics (NASDAQ: SGEN)
Cash on hand: $189.9 million
Related Xconomy coverage:
Seattle Genetics, Bucking the Trend, Recruits Hodgkin’s Patients at Warp Speed
Seattle Genetics “Empowered Antibody” Shines at Blood Disease Meeting
Seattle Genetics Defies Gravity With Biotech’s First Underwritten Stock Sale in Six Months
Seattle Genetics Gets $136M Total

SonoSite (NASDAQ: SONO)
Cash on hand: $262.9 million
Related Xconomy coverage:
SonoSite Buys CardioDynamics for $12.3M
SonoSite Sales Dip 12 Percent

Targeted Genetics (NASDAQ: TGEN)
Cash on hand: $2.5 million
Related Xconomy coverage:
Targeted Genetics Survives Brush With Death, Sells Gene Therapy IP to Genzyme for $7M
Targeted Genetics Cuts Workforce in Half in Bid to Survive Into August
Stewart Parker Resigns from Targeted Genetics After Gene Therapy Setbacks
Targeted Genetics, Mainstay of Gene Therapy, Faces Likely Shutdown
Targeted Genetics’ Legacy: No Cures, But a Generation of Seattle Biotechies

Trubion Pharmaceuticals (NASDAQ: TRBN)
Cash on hand: $37.4 million
Related Xconomy coverage:
Trubion Gets $20M Upfront in Leukemia Drug Partnership With Facet; Shares Boom
Trubion Pushing Forward Arthritis Trials, Working to Re-Ignite the Spark for Investors
Trubion Cuts One-Fourth of Workforce
Pfizer’s Bid For Wyeth Sends Ripples Through Trubion Pharmaceuticals, Seattle Biotechs

To purchase a much expanded version of this report, in PDF format, click the “Add to Cart” button.
For $95,* you’ll get an assessment of each company’s financial position at the end of June compared to six months earlier, the projected length of time it can survive on its existing cash reserves, and an analysis of the strategic moves it has made to stay afloat in the current environment. Click here to see a sample entry. Add to Cart
*Price is subject to change without notice

ZymoGenetics (NASDAQ: ZGEN)
Cash on hand: $118.2 million
Related Xconomy coverage:
ZymoGenetics Snags $1.1 Billion Partnership With Bristol-Myers For Hepatitis C Drug
ZymoGenetics Plays Hardball, Asks FDA to Pull Competing Drug Off Market Because of Safety
ZymoGenetics Drug Sales Still Slumping After Full Year on Market
ZymoGenetics’ New Boss Sees Parallels to Dark Days at Immunex
ZymoGenetics Clamps Down on Losses, Predicts Climbing Recothrom Sales
ZymoGenetics Cuts One-Third of Workforce To Hold Onto Cash
ZymoGenetics Unloads Drug Candidates to Cut Costs, Spin Off New Company

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