WILMINGTON,PPD’s first quarter earnings and revenues for the first quarter both climbed over those figures on one year ago, the biotech and pharmaceutical discovery and development services company said Wednesday.
PPD (Nasdaq: PPDI) also announced it was making an equity investment in Chemokine Therapeutics, a privately held biotech firm. Terms were not disclosed, but PPD gained an option to license a peptide Chemokine has under development that could be used as a blood recovery therapeutic agent. PPD also gets first rights to negotiate licenses for other compounds.
PPD said revenues hit $169.9 million in the first quarter, up from $130.6 million a year earlier. PPD said 2002 revenues were reduced by a $30 million non-cash charge as part of an investment in DNA Sciences.
Income was $32.4 million, or 38 cents a share, an increase of 51 percent from 2002.