The Company is focused on the discovery, development, manufacture and commercialization of therapeutic proteins for the treatment of human diseases.
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ZymoGenetics is engaged in the discovery, development, manufacture and commercialization of therapeutic proteins for the treatment of diseases in the areas of hemostasis, inflammatory and autoimmune diseases, cancer and viral infections. Its pipeline of products includes a replacement for plasma-derived protein products and several novel proteins, which it is developing on its own or in collaboration with partners like Novo Nordisk and Merck. The company earns royalty from the sale of Novilin (insulin), Regranex, GlucaGen and Cleactor.
The company's most advanced internal product candidate, rhThrombin represents a major improvement over the current market-leading thrombin from King Pharmaceuticals, eliminating the risks of antibody formation or infectious disease exposure. It remains on track for an anticipated US FDA decision sometime in the later October 2007. Among the more important recently initiated trials are: Phase II of Atacicept for Rheumatoid Arthritis (RA) and multiple melanoma (MM), Phase II of IL-21 for metastatic melanoma, Non-Hodgkin’s lymphoma (NHL) and renal cancer, and Phase I of IL-29 for Hepatitis C. Patents linked to all these products are not expected to expire prior to 2017 in the US.
For the fiscal year 2006, ZymoGenetics' revenues decreased 41% to $25.4 million reflecting a comprehensive decrease in royalty income, option fees income and license fees and milestone payments. Option fees income were higher in 2005 due to deferred revenue recognition. License fees were also up in 2005 due to full recognition of fees received from Novo Nordisk and Eli Lilly. However, cash and equivalents on hand at year-end of $258 million still appear adequate to fund clinical development until rhThrombin revenues ramp up.
The company images as a sound investment proposition looking at the near term prospects of US FDA approval for rhThrombin generating impressive royalty and licensing revenues, while additional milestone payments to be received in relation to Phase I and II product line.