SeaGen Ends March With $456M Cash

5/5/11Follow @xconomy

Seattle Genetics (NASDAQ: SGEN), the developer of targeted cancer drugs, said today in its quarterly financial report that it ended March with $455.9 million of cash and investments in the bank. That’s up from $295 million in cash that it reported heading into this year. The increased cash reserves reflect the addition of $168 million from a stock financing in February, plus revenue from collaborators who are using SeaGen’s technology that links antibodies to toxins that make them more potent against tumors. The company also said the FDA has conditionally accepted its proposal to use Adcetris as the brand name for brentuximab vedotin, its lead drug candidate for Hodgkin’s disease and anaplastic large cell lymphoma.

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