SeaGen Expects $280M Cash at Year End
Seattle Genetics (NASDAQ: SGEN), the developer of targeted cancer drugs, said today that it expects to finish this year with about $280 million of cash and investments in the bank, down slightly from the $295 million that it started with on New Year’s Day. The company said it expects to generate $40 to $45 million in collaboration and licensing revenue this year from partners who use its technology for linking antibodies to toxins that make them more potent cell-killing agents. Seattle Genetics plans to spend $230 million to $260 million on operating expenses this year, as it prepares to seek FDA approval of its first product, and pushes ahead with other drugs in development. The company raised $178 million in new investment capital last week.