Synageva BioPharma™ Reports 2012 Full Year Financial Results

LEXINGTON, Mass.--(BUSINESS WIRE)--

Synageva BioPharma Corp. (Synageva) (GEVA), a clinical stage biopharmaceutical company developing therapeutic products for rare disorders, today reported 2012 full year financial results and provided 2013 financial guidance. Synagevas management team will host a conference call today at 4:30 p.m. EDT to review the financial results and provide a general business update. To participate in todays call via telephone, please dial (877) 312-5514 for U.S. callers, or (970) 315-0452 for international callers. In addition, the conference call will be webcast live from the Webcasts & Presentations section of the Investor Relations tab on the home page of Synagevas website at http://www.synageva.com.

2012 marked our first full year as a public company. Synageva made significant progress in advancing our lead program, sebelipase alfa. We announced recently that enrollment has started in the ARISE global, Phase 3 trial. This was a key step towards providing an effective therapy to patients suffering from LAL Deficiency, said Sanj K. Patel, President and Chief Executive Officer of Synageva. We continue to advance our other preclinical programs, and we entered 2013 with a strong cash balance which will be thoughtfully and strategically allocated to facilitate the achievement of our goals for 2013 and beyond.

Recent Company Highlights

Synageva reported progress and updates on a number of key objectives during the past year including the following:

2013 Key Objectives

Corporate objectives for 2013 include the following:

2012 Full Year Financial Results

For the year ended December 31, 2012, Synageva reported a net loss of $42.9 million compared to a net loss of $25.3 million for the corresponding period of the prior year.

Revenue for the full year ended December 31, 2012 of $15.0 million consists of $7.0 million of Fuzeon royalties from Roche, as well as revenue of $7.9 million from Synagevas collaboration with Mitsubishi Tanabe Pharma Corporation. Total costs and expenses for the full year 2012, including R&D expenses, G&A expenses, and amortization of developed technology totaled $58.0 million. This compares to total costs and expenses for the full year 2011 of $27.1 million.

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Synageva BioPharma™ Reports 2012 Full Year Financial Results