Synta Pharmaceuticals posts net income in Q3

Fri. November 06, 2009; Posted: 05:04 AM

Nov 06, 2009 (Datamonitor via COMTEX) -- SNTA | Quote | Chart | News | PowerRating -- Synta Pharmaceuticals, a US-based biopharmaceutical company, has reported a net income of $118.1 million, or $3.48 per diluted share, for the third quarter ended September 30, 2009, compared to a net loss of $26.3 million, or $0.78 per diluted share, for the third quarter ended September 30, 2008.

Total collaboration revenues were $130.4 million for the third quarter of 2009, compared to $1.27 million for the same quarter of 2008.

Net income for the nine months ended September 30, 2009 was $86.12 million, or $2.53 per diluted share, compared to a net loss of $66.66 million, or $1.98 per diluted share, for the nine months ended September 30, 2008.

Total collaboration revenues were $139.56 million for the nine months ended September 30, 2009, compared to $2 million, for the prior-year period.

Safi Bahcall, CEO of Synta, said: "Our top two priorities over the coming months are advancing our Hsp90 program to clinical proof of concept and securing new partnership agreements for one or more of our unpartnered assets - the Hsp90, elesclomol, vascular disrupting agent, and IL-12/23 inhibitor programs. We are making good progress on both of these goals."

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