Allos Therapeutics, Inc. (Nasdaq: ALTH) today reported financial results for the three months ended September 30, 2011.
  • FOLOTYN ® (pralatrexate injection) net product sales increased 61% year-over-year to $13.2 million in the third quarter of 2011, compared to $8.2 million for the same period in 2010.
  • As of September 30, 2011, the Company had no debt and $100.4 million in total cash, cash equivalents and investments.

“We believe our achievement of significant year-over-year revenue growth reflects increased disease-state awareness and brand awareness of FOLOTYN for patients with relapsed or refractory peripheral T-cell lymphoma, for whom there remains an unmet need,” commented Paul L. Berns, president and chief executive officer of Allos Therapeutics. “We ended the third quarter with a strong balance sheet and remain focused on growing U.S. sales of FOLOTYN for relapsed or refractory PTCL while prudently managing our operating expenses. Also, in collaboration with Mundipharma, we are pursuing regulatory approval in the EU, which may occur in early 2012, as well as future label expansion opportunities in T-cell lymphoma.”

Financial Results

Net product sales for the three months ended September 30, 2011, were $13.2 million, compared to $8.2 million for the same period in 2010, a 61% increase year-over-year. Net product sales for the nine months ended September 30, 2011, were $35.1 million, compared to $23.5 million for the same period in 2010, a 49% increase year-over-year. Net product sales for the three and nine months ended September 30, 2011 include $3.0 million related to the sale of FOLOTYN for use in a clinical trial to be conducted by an unrelated party. Allos expects to generate future sales of FOLOTYN related to this clinical trial, however, Allos cannot predict the timing or amount of such future sales.

If you liked this article you might like

Monday's Top 10 Articles, Videos on TheStreet

Spectrum Pharma: The Growth Party is Over

Allos Stock Gaps Down On Today's Open (ALTH)

Biotech Stock Mailbag: Amarin, Spectrum, Arena

Next Step for Amag's Board: Fire CEO, Sell the Company.

Next Step for Amag's Board: Fire CEO, Sell the Company.