AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG), a biopharmaceutical company focused on the development and commercialization of a therapeutic iron compound to treat anemia and novel imaging agents to aid in the diagnosis of cancer and cardiovascular disease, today reported unaudited consolidated financial results for the third quarter and nine months ended September 30, 2009.
Business Highlights
- The Company commenced the U.S. commercial launch of Feraheme™ (ferumoxytol) Injection on July 13, 2009, within two weeks of receipt of FDA approval. The Company reported $3.0 million of total revenues for the third quarter of 2009, of which $2.9 million was related to the sale of Feraheme. An additional $11.5 million was recorded as deferred revenue as of September 30, 2009. This deferred revenue was primarily associated with a launch incentive program implemented to advance the adoption of Feraheme by dialysis organizations.
- More than 500 customers have purchased Feraheme; collectively, these customers used 140,000 grams of all forms of IV iron over the past 52 weeks.
- Approximately 65 percent of Feraheme provider demand in the third quarter was outside of the dialysis setting. The Company views non-dialysis chronic kidney disease as a significant market opportunity for a safe and effective IV iron with the dosing profile of Feraheme.
“During the third quarter, years of hard work by AMAG employees culminated in the launch of Feraheme, which completed the transformation of AMAG into a commercial biopharmaceutical company,” commented Brian J.G. Pereira, M.D., President and Chief Executive Officer of AMAG Pharmaceuticals, Inc. “We are now focused on making Feraheme a commercial success in the chronic kidney disease market in the United States and unlocking the value of this asset for iron deficiency anemia patients, with or without chronic kidney disease, around the world.”