Brilliant bounceback – and Sosei all of us!
Sosei Heptares, whose R & D engine room is at Granta Park, Cambridge, has enjoyed a phenomenal nine months to end-September after cashing in on several key global alliances.
Revenue totalled $71.2 million – an increase of $45.4m on the corresponding period last year – mainly due to strong growth in milestones, upfront fees from new partnerships plus royalty payments received. Total cash operating expenses were slashed by $19.8m to $41.4m due to a decrease in R & D costs.
The company made a cash profit of $24.5m versus a loss of $37.1m in the prior period thanks to strong revenue growth and tight cost management.
Net profit was $13.4m against a net loss of $53.8m last time. The company credits strong business plan execution for the bounceback. Sosei Heptares says it remains well capitalised, with $192m cash.
Shinichi Tamura, chairman, president and CEO, said: “We are delighted with progress made during the third quarter in executing our strategy, which is focused on achieving sustainable profitability through drug discovery and partnering.
“The recent collaborations with Genentech and Takeda are great examples of this strategy in action and further increase the diversity of projects for which our GPCR-focused drug discovery platform is being applied.
“Our R & D day in September provided a fantastic showcase of this platform and demonstrated how we are continuing to extend its capabilities through the integration of cutting-edge technologies and expertise.
“We believe that this strategy will enhance both our ability to generate novel molecules and to create further strategic partnering opportunities as we focus on delivering shareholder value.”