German biotechnology firm MorphoSys has posted a 24% increase in revenues for the third quarter to 15.5 million euros, while its net profits reached 2.8 million euros, compared to 1.6 million euros during the like, year-earlier period.
The highlights of the third quarter included the expansion of the Martinsried-headquartered firm’s alliance with Genesis Research and Development Corp of New Zealand. Under the agreement, Genesis will continue to use HuCAL-based antibodies originally generated by the MorphoSys business unit AbD Serotec against the human fibroblast growth factor receptor FGFR5 for target validation and pre-clinical studies as part of its Zyrogen programme, which is looking to develop therapeutic antibodies specific for the target molecule FGFR5, implicated in various autoimmune and bone-related diseases.
Dave Lemus, chief financial officer at MorphoSys, said that “as evidenced by the Genesis deal, we continue to exploit the synergies between our AbD and Therapeutics segments, representing further upside potential for our business". The company reiterated that it anticipates fiscal-2007 revenues in the range of 60-65 million euros, while profit from operations should be 7-10 million euros.