Bioscience Inc. ABII
BioScience is a fully integrated global biotechnology company dedicated
to the discovery, development and delivery of next-generation
and core technologies that offer patients safer and more effective
for cancer and other critical illnesses. The company's portfolio
the world's first and only protein-bound nanoparticle chemotherapeutic
compound (ABRAXANE), which is based on the company's proprietary tumor
targeting technology known as the nab(TM) platform. The first FDA
product to use this nab(TM) platform, ABRAXANE, was launched in 2005
the treatment of metastatic breast cancer. Abraxis trades on the NASDAQ
Global Market under the symbol ABII.
BioScience Reports Financial Results for the Second Quarter of 2008
WIRE)--Aug. 13, 2008--Abraxis BioScience, Inc. (NASDAQ: ABII), a fully
integrated biotechnology company, today reported unaudited financial
for the second quarter ended June 30, 2008.
revenue for the second
quarter of 2008 was $77.6 million, compared with $83.2 million for the
prior year period. Revenue from sales of ABRAXANE(R) (paclitaxel
particles for injectable suspension) (albumin-bound) was $73.8 million
for the second quarter of 2008, compared with $78.7 million for the
period in 2007. Revenue for the most recent quarter was impacted by a
of product orders that had been anticipated for the period. Net revenue
for the second quarter of 2008 included recognized deferred revenue of
$10.2 million relating to the co-promotion agreement with AstraZeneca
the license agreements with Taiho of Japan and Green Cross of South
compared with $9.8 million of recognized deferred revenue for the same
quarter last year.
to recent IntrinsiQ
data regarding total ABRAXANE usage in June 2008, 1st and 2nd line
of all ABRAXANE patient usage reached an all time high of 54 percent.
has increased 23 percent from 31 percent of total patient usage of
in the 1st and 2nd line settings in January 2006. In the 3rd line+
setting of the metastatic breast cancer market, ABRAXANE remained the
holding 54 percent of the market in this setting in June 2008. In 2nd
metastatic breast cancer, ABRAXANE share of the taxane market
its all time high of 37 percent in June 2008. ABRAXANE share of the
market in 1st line metastatic breast cancer represented 19 percent of
market in June 2008. Finally, ABRAXANE share of the taxane market in
metastatic breast cancer settings was 33 percent in June 2008.
of ABRAXANE in combination
with Avastin in metastatic breast cancer continues to increase,
39 percent of all ABRAXANE usage in June 2008, compared with 8.3
in January 2006. ABRAXANE in combination with Avastin, the #1 regimen
represented 18 percent of the 2nd line total taxane market and had a
greater than any monotherapy.
to IMS, monthly
unit demand for ABRAXANE has increased for two consecutive quarters.
demand volume for the quarter ended June 30, 2008 reflected 4% growth
the prior quarter and represented the largest historical demand total