Affymax, Inc. (Nasdaq: AFFY) today reported financial results for the first quarter ended March 31, 2010. The net loss for the first quarter of 2010 was $7.9 million compared to a net loss of $21.7 million for the first quarter of 2009.
Affymax recognized revenue for the quarter ended March 31, 2010 of $34.7 million compared to $25.9 million for the quarter ended March 31, 2009. The increase in revenue was the result of increased collaboration revenue from its partnership with Takeda Pharmaceutical Company Limited, under their 2006 collaboration for development of Affymax's compound, Hematide™.
Research and development expenses for the quarter ended March 31, 2010, were $33.1 million compared to $40.4 million for the quarter ended March 31, 2009. The decrease was primarily due to the completion of the treatment and follow up of our Phase 3 clinical trials at the start of 2010.
General and administrative expenses for the quarter ended March 31, 2010 were $9.4 million compared to $7.4 million for the quarter ended March 31, 2009. The increase was primarily due to higher external commercial expenses.
The company's cash, investments and receivables from Takeda totaled $167.6 million as of March 31, 2010, including a $5.0 million cash milestone payment received in March 2010 from Takeda for the initiation of Phase 3 clinical trials in Japan.