NEW YORK (GenomeWeb News) – Monogram Biosciences said last week that it expects to report fiscal 2008 revenues of approximately $62 million, an increase of 44 percent over 2007 revenues of $43.2 million.
The South San Francisco, Calif.-based firm said that among the contributors to its revenue increase for the year were sales of $16 million from its Trofile assay, which is used to select HIV patients for CCR5 agonists, such as Pfizer's maraviroc (Selzentry).
Monogram also said that it expects its 2009 revenues to be between $66 million and $70 million and that it expects to achieve cash-flow breakeven by the fourth quarter of the year. Bill Young, the firm's CEO, said in a statement that deferred revenue of $4 million to $5 million from sales of the Trofile assay to Pfizer outside of the US could put the firm's non-GAAP revenues in a range of between $70 million and $75 million for the year.
Monogram is focused on developing pharmacogenomic assays for HIV and cancer.
"Our plan for 2009 is tightly focused on those key programs and deliverables that we believe will drive the most significant shareholder value," said Young.
The company has undertaken measures, such as reducing its costs related to personnel, programs, and overhead activities, that it believes will take more than $10 million out of its 2009 expenses, noted CFO Alfred Merriweather in a statement.
Monogram finished fiscal year 2008 with $16 million in cash. Its goal is to reduce its burn rate to between $6 million and $8 million for 2009, it noted.
In addition to the revenue update, Monogram also said that it received notification from Nasdaq last week that it had regained compliance with the exchange's requirements for continued listing. Monogram had received a letter from Nasdaq in early December warning of a potential delisting of its stock because it failed to comply with a listing requirement regarding the market value of its stock.