Development-stage biotechnology company Seattle Genetics Inc. said Tuesday its fourth-quarter loss narrowed on higher revenue from partnerships.
The company recorded a loss of $12.1 million, or 12 cents per share, compared with a loss of $30.6 million, or 38 cents per share, during the same period a year before. Revenue more than doubled to $21.8 million from $10.1 million.
Analysts polled by Thomson Reuters expected a loss of 23 cents per share on revenue of $11.7 million.
The company's key partnership is with Genentech Inc., now part of Roche. The companies are developing potential cancer treatments.
For the full year, Seattle Genetics lost $81.7 million, or 90 cents per share, compared with a loss of $85.5 million, or $1.09 per share, in 2008. Revenue rose to $52 million from $35.2 million.
Looking ahead, the company expects revenue between $95 million and $105 million in 2010. Analysts expect $47.3 million in revenue.
Shares of Seattle Genetics rose 25 cents, or 2.7 percent, to close at $9.59.