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TheStreet Open House

Allos Therapeutics Reports Fourth Quarter And Full Year 2011 Financial Results

Stocks in this article: ALTH

In May 2011, Allos entered into a strategic collaboration agreement with Mundipharma International Corporation Limited (Mundipharma) and received an upfront payment of $50 million. License and other revenue related to the Mundipharma agreement for the fourth quarter and full year 2011 were $1.5 million and $30.6 million, respectively. As of December 31, 2011, $20.3 million was recorded as deferred revenue related to the Mundipharma agreement.

Cost of sales for the fourth quarter and full year 2011 were $1.3 million and $4.5 million, respectively, compared to $1.3 million and $3.6 million for the same periods in 2010.

Cost of license and other revenue for the fourth quarter and full year 2011 were $0.7 million and $11.7 million, respectively. The amount recorded for the full year 2011 was primarily related to the Company’s payment of $10.0 million (or 20% of the $50 million upfront payment the Company received from Mundipharma) to the licensors of FOLOTYN under the terms of the Company’s license agreement with Memorial Sloan-Kettering Cancer Center, SRI International, and Southern Research Institute.

Research and development (R&D) expenses for the fourth quarter and full year 2011 were $4.6 million and $22.2 million, respectively, compared to $8.3 million and $31.4 million for the same periods in 2010. R&D expenses for full year 2011 include $3.4 million of non-cash stock-based compensation expense.

Selling, general and administrative (SG&A) expenses for the fourth quarter and full year 2011 were $11.4 million and $67.8 million, respectively, compared to $21.6 million and $78.8 million for the same periods in 2010. SG&A expenses for full year 2011 include $8.2 million of non-cash stock-based compensation expense.

Total operating costs and expenses, excluding cost of sales, cost of license and other revenue and non-cash stock-based compensation expense, were $78.9 million for full year 2011, lower than the Company’s prior guidance of $82 to $84 million.

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