Feb 15, 2006 Press Release for Alnylam
Alnylam Pharmaceuticals Reports Fourth Quarter and Year End 2005 Financial Results
Feb 15, 2006
-- Company Enters Clinical Stage and Forms Significant
Pharmaceutical Alliances
-- Maintains Leadership Position for RNAi Therapeutics in
Science, Product Pipeline, Intellectual Property, and Business
Execution
Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), a leading RNAi therapeutics company, today reported its consolidated financial results for the quarter and year ended December 31, 2005, guidance and goals for 2006, and company highlights.
"2005 was a transformational year for Alnylam," said John Maraganore, Ph.D., President and Chief Executive Officer of Alnylam. "Of significance, we transitioned to a clinical-stage company, formed collaborations with Novartis and Medtronic to discover and develop RNAi therapeutics, continued to strengthen and leverage our unparalleled intellectual property position in RNAi, and maintained a strong financial profile. As is evident by the goals we have set for ourselves, we believe that 2006 will be an equally important year for Alnylam and the field of RNAi."
Cash, Cash Equivalents, and Marketable Securities
At December 31, 2005, Alnylam had cash, cash equivalents, and marketable securities (cash) of $80.0 million, compared to $24.8 million at September 30, 2005 and $46.0 million at December 31, 2004. This cash balance does not include approximately $62.3 million of net proceeds from the company's public offering of approximately 5.1 million shares of common stock on January 31, 2006. The increase in cash in the fourth quarter was primarily due to $68.5 million of gross proceeds received from Novartis upon the closing of the alliance in October 2005. As a result of the Novartis collaboration, the company made payments in the fourth quarter of 2005 totaling $3.7 million to third parties, primarily to Isis Pharmaceuticals, Inc., from which the company has licensed certain intellectual property (IP). The company also continued to fund its operations, including activities leading up to the company's recent initiation of two Phase I clinical trials to evaluate in healthy volunteers the safety, tolerability, and pharmacokinetics of ALN-RSV01, an RNAi therapeutic for the treatment of respiratory syncytial virus (RSV) infection.
Net Loss
The net loss attributable to common stockholders according to accounting principles generally accepted in the U.S. (GAAP) for the quarter ended December 31, 2005 was $14.5 million, or $0.56 per share, as compared to $5.7 million, or $0.29 per share, in the fourth quarter of 2004. The net loss for the fourth quarter of 2005 included $1.0 million of non-cash stock-based compensation charges, compared to $1.2 million during the fourth quarter of 2004. For the year ended December 31, 2005, net loss was $42.9 million, or $1.96 per share, compared to a net loss of $35.4 million, or $2.98 per share, for the year ended December 31, 2004. The net loss for the year ended December 31, 2005 included $4.6 million of non-cash stock-based compensation charges. The net loss for the year ended December 31, 2004 included $4.1 million of non-cash stock-based compensation charges as well as $2.7 million of accretion of redeemable convertible preferred stock. During the quarter and year ended December 31, 2005, the company incurred higher external development costs related to the advancement of its RSV infection program toward the submission of its investigational new drug (IND) application in November 2005 and initiation of two clinical trials in December 2005. Higher research costs were also incurred in connection with a number of additional Direct RNAi™ and Systemic RNAi™ therapeutic programs, including programs for pandemic flu, cystic fibrosis (CF), and central nervous system (CNS) diseases. In addition, as discussed above, as a result of the Novartis collaboration, the company made payments in the fourth quarter of 2005 totaling $3.7 million to third parties, primarily to Isis, from which the company has licensed certain IP in accordance with the applicable license agreements with these parties.
Revenues
Revenues in the fourth quarter of 2005 were $1.6 million, as compared to $2.6 million during the fourth quarter of 2004. The decrease was primarily a result of a $2.0 million milestone payment received from Merck & Co., Inc. in December 2004, which was recognized as revenue upon receipt. Included in revenues in the fourth quarter of 2005 were $0.7 million of cost reimbursement and amortization revenues related to the company's collaboration with Novartis as well as $0.4 million of cost reimbursement and amortization revenues related to its Merck collaborations. The company also recognized revenue of $0.3 million from a payment in connection with the achievement of a milestone relating to its collaboration agreement with Cystic Fibrosis Foundation Therapeutics, Inc. (CFFT). Revenues for the year ended December 31, 2005 were $5.7 million as compared to $4.3 million for the year ended December 31, 2004. Included in revenues for the year ended December 31, 2005 were $3.6 million of cost reimbursement and amortization revenues related to the company's Merck collaborations, $0.7 million of cost reimbursement and amortization revenues related to its Novartis collaboration, $0.8 million related to its collaboration with CFFT, and $0.4 million in revenues derived from licenses to its fundamental intellectual property in RNAi, including its January 2005 InterfeRx™ license with GeneCare Research Institute Co., Ltd. and its July 2005 InterfeRx license with Nastech Pharmaceutical Company Inc.
Research and Development Expenses/p>
Research and development (R&D) expenses were $12.8 million in the fourth quarter of 2005, including $0.6 million of non-cash stock-based compensation, as compared to $5.2 million in the fourth quarter of 2004, which included $0.7 million of non-cash stock-based compensation. The increase in R&D expenses in the fourth quarter of 2005 was primarily due to higher external development costs related to the advancement of its RSV infection program toward the submission of its IND application in November 2005 and initiation of two clinical trials in December 2005, $3.7 million in payments to certain entities as discussed above as a result of the Novartis collaboration, as well as higher research costs related to a number of additional Direct RNAi and Systemic RNAi therapeutics programs, including programs for pandemic flu, CF, and CNS diseases. R&D expenses were $35.3 million for the year ended December 31, 2005, including $2.4 million of non-cash stock-based compensation, as compared to $24.6 million, including $2.1 million of non-cash stock-based compensation for the year ended December 31, 2004. R&D expenses for the year ended December 31, 2005 included a $2.1 million non-cash charge in the second quarter of 2005 resulting from the issuance of 270,000 shares of Alnylam's common stock in connection with the June 2005 amendment to the company's license agreements with Garching Innovation GmbH. The increase in R&D expenses for year ended December 31, 2005 was due primarily to increased spending on the company's RSV program, as well as higher research costs related to the advancement of additional Direct RNAi and Systemic RNAi therapeutics programs, and, as discussed above, $3.7 million in payments to certain entities as a result of the Novartis agreement.
General and Administrative Expenses
General and administrative (G&A) expenses were $3.7 million in the fourth quarter of 2005, including $0.4 million of non-cash stock-based compensation, as compared with $3.0 million in the fourth quarter of 2004, which included $0.5 million of non-cash stock-based compensation. The increase in G&A expenses was due primarily to legal and other related professional fees associated with the company's alliance with Novartis, and other business development-related activities. G&A expenses were $13.9 million for the year ended December 31, 2005, including $2.2 million of non-cash stock-based compensation, as compared with $11.9 million for the year ended December 31, 2004, which included $2.0 million of non-cash stock-based compensation. The increase in G&A expenses for the year ended December 31, 2005 was due primarily to increases in consulting and professional services associated with business development activities and Sarbanes-Oxley compliance efforts.
Equipment Line of Credit
Through December 31, 2005, Alnylam had financed $8.2 million of its capital expenditures under its $10.0 million equipment line of credit with Lighthouse Capital Partners V, L.P. The company's ability to draw down on this line of credit ended on December 31, 2005. Beginning in July 2005, the line of credit is being repaid over four years.
"We have achieved our guidance of ending the year with over $75 million in cash," said Patricia Allen, Vice President, Finance of Alnylam. "In recent weeks, we have further strengthened our balance sheet through the successful completion of a follow-on equity offering. This financial profile, along with continued funding from our collaborations, allows us to further advance our pipeline of proprietary and partnered RNAi therapeutic programs as we continue to build our business."
2006 Financial Guidance
Alnylam is increasing its year-end 2006 cash guidance to greater than $115.0 million from greater than $50.0 million. This change in guidance is a result of the completion of the company's recent public offering of approximately 5.1 million shares of its common stock at $13.00 per share, which raised approximately $62.3 million of net proceeds, and the company's 2005 year-end cash position which exceeded guidance by $5.0 million.
2005 and Recent Corporate Highlights
Product Pipeline and Scientific Leadership Highlights
-- Advanced ALN-RSV01 To Clinic. In December 2005, the company
transitioned to a clinical-stage company with the initiation
of two human Phase I clinical trials for its lead candidate,
ALN-RSV01 for the treatment of RSV infection, representing the
first RNAi therapeutic for the treatment of a major infectious
disease. These Phase I trials, underway in the U.S. and
Europe, are expected to provide safety data from over 90
subjects. Pre-clinical data for the company's RSV program were
presented throughout 2005, including a paper by Alnylam
collaborators published in Nature Medicine in January 2005.
-- Established Private-Public Sector Partnerships for Pandemic
Flu Development Program. In December 2005, Alnylam advanced
its pandemic flu project as a formal development program and
announced that Dowpharma(SM), a business unit of The Dow
Chemical Company (Midland, Michigan), has signed a letter of
support relating to the manufacture of an RNAi therapeutic for
pandemic flu. The company also has ongoing research
collaborations relating to influenza with the University of
Georgia and St. Jude Children's Research Hospital.
-- Advanced and Expanded Additional RNAi Therapeutic Programs.
-- In March 2005, Alnylam formed a collaboration with the
CFFT to develop a Direct RNAi therapeutic for the
treatment of CF, and in the fourth quarter of 2005
achieved a milestone from this collaboration.
-- In August 2005, the company received a grant from the
Michael J. Fox Foundation for its research and development
efforts for Parkinson's disease.
-- Alnylam presented pre-clinical data from three
neurological programs at the 35th Annual Society for
Neuroscience meeting in November 2005.
-- Alnylam continues to work with Merck on furthering the use
of RNAi in vivo and in several areas including spinal cord
injury and microvascular diseases of the eye.
-- Continued Scientific Leadership in the Field of RNAi. RNAi
was identified as an 'Area to Watch in 2006' in the
journal Science's annual 'Breakthrough of the Year' issue.
In addition, the company's article titled 'Therapeutic
Silencing of an Endogenous Gene by Systemic Administration
of Modified siRNAs' published in Nature in 2004 continued
to be recognized as a landmark paper for systemic RNAi in
2005. The progress in 2005 on Systemic RNAi has enabled
initiation of non-human primate efficacy studies.
-- Received Grant to Advance Lung Delivery Technology. Alnylam
announced today that it has received a grant from the German
Ministry of Research to advance RNAi technology for lung
delivery in collaboration with the University of Giessen. The
grant provides approximately 550,000 EUR funding for Alnylam.
-- Advanced Technology with microRNAs. In October 2005, the
company and The Rockefeller University published in Nature a
novel approach to achieve therapeutic silencing of microRNAs
(miRNAs) by rationally designing a new class of chemically
modified RNA-based compounds called 'antagomirs'. miRNAs have
been shown to regulate a large number of genes in the human
genome through the RNAi pathway and their aberrant expression
is believed to be involved in the cause and progression of
human diseases, including cancer and viral infection. In
addition, in September 2005, the company and Isis announced a
co-exclusive license agreement with Stanford University
related to the discovery and development of therapeutic
products for hepatitis C virus (HCV) infection by inhibiting a
liver-specific miRNA, miR-122.
Business Execution Highlights
-- Signed Major Collaboration with Novartis to Develop RNAi
Therapeutics. In September 2005, the company announced a
major, multi-year alliance with Novartis focused on the
discovery, development, and commercialization of innovative
therapeutics based on RNAi. Novartis paid $68.5 million, which
consisted of upfront payments and the purchase of a 19.9%
stake in Alnylam. If the collaboration is successful and
multiple products are developed and commercialized, collective
payments to Alnylam could exceed $700 million, not including
royalties.
-- Established Drug-Device Collaboration with Medtronic for
Neurodegenerative Disorders. In February 2005, Alnylam formed
a collaboration with Medtronic which will provide Alnylam with
access to leading medical device technology to enhance the
company's ability to deliver RNAi therapeutics for the
treatment of major neurodegenerative disorders such as
Parkinson's, Huntington's, and Alzheimer's diseases. The
collaboration will pursue development of novel drug-device
combinations that incorporate RNAi therapeutics.
-- Created Near-Term Value with New Licensing Agreements.
Throughout 2005, the company continued to grant licenses for
therapeutic or research product applications under fundamental
IP owned or controlled by Alnylam in the field of RNAi. In
January 2006, Alnylam announced the license of its
Kreutzer-Limmer patent to Dharmacon, Inc., a business unit of
the Fisher Biosciences group and a world-leading provider of
siRNA reagents. To date we have executed 18 license agreements
for Alnylam IP with pharmaceutical, biotechnology, and
research product companies.
-- Raised $62 Million in Follow-On Offering. On January 31, 2006,
the company announced the pricing of a public offering of
approximately 5.1 million shares of its common stock at $13.00
per share. All of the shares were offered by Alnylam pursuant
to its effective shelf registration statement previously filed
with the Securities and Exchange Commission. Net proceeds from
this transaction total approximately $62.3 million. Alnylam
has granted a 30-day option to the underwriters to purchase up
to approximately 0.8 million additional shares of common stock
to cover over-allotments, if any.
IP Leadership Highlights
-- Strengthened Leadership Position on Fundamental IP for siRNAs.
In January 2006, the United States Patent and Trademark Office
(USPTO) issued Notices of Allowance for patent applications
10/832,248 and 10/832,432 in the 'Tuschl II' patent series.
This patent series is exclusively licensed to Alnylam for RNAi
therapeutics on a world-wide basis. The newly allowed claims
broadly cover methods of making small interfering RNAs
(siRNAs), the molecules that mediate RNAi, for any target,
with or without chemical modifications. These patents are the
first and only applications allowed by the USPTO that
specifically cover siRNAs, including siRNAs with modified
backbones and modified ribose or "non-ribose" groups that can
be used for developing RNAi therapeutics, and that
specifically cover siRNAs that silence any target in mammalian
cells.
-- Obtained Additional Fundamental and Target IP in Major
Markets. In May and August 2005, Alnylam received additional
patent grants (EP Patent No. 1214945) and (EP Patent No.
1352061) from its Kreutzer-Limmer patent series. These grants
cover compositions, methods and uses of siRNAs with a length
of 15-49 nucleotides, and include claims directed toward over
125 disease targets including RSV and flu. Alnylam is also the
exclusive licensee of a patent granted in Europe in June 2005,
known as the 'Glover' patent (EP Patent No. 1230375), which
includes broad claims covering therapeutic use of
double-stranded RNAs. Overall, there are currently eight
issued, granted, or allowed patents in the U.S. and European
Union (EU) relating to fundamental RNAi IP relevant to all
synthetic RNAi therapeutic products; Alnylam has access to all
eight of these patents, in seven cases exclusively.
-- Extended Scope of Chemistry IP. Finally, a number of
additional U.S. patents, licensed to Alnylam in connection
with its alliance with Isis and covering chemical
modifications of oligonucleotides that may be required for
RNAi therapeutics, were issued during the year. These issued
patents include:
-- 6,974,865 C3'-methylene hydrogen phosphonate oligomers and
related compounds
-- 6,921,812 Methods of modulating pharmacokinetics of
oligonucleotides
-- 6,919,439 Derivatized oligonucleotides having improved
uptake and other properties
-- 6,914,148 Guanidinium functionalized intermediates
-- 6,911,540 2' Modified oligonucleotides
Organizational Highlights
-- Added to the Strength and Experience of the Board of
Directors. In July 2005, James L. Vincent was elected as a
Director. Mr. Vincent was Chairman and CEO of Biogen,
(currently Biogen Idec) from 1985 to 2002. In December 2005,
Vicki L. Sato, Ph.D. was elected as a Director. Dr. Sato was
President of Vertex Pharmaceuticals from 2000 to 2005.
-- Broadened Capabilities and Experience of the Management Team.
Last week, Alnylam announced the appointment of Akshay
Vaishnaw, M.D., Ph.D., as Vice President, Clinical Research.
Dr. Vaishnaw was the former Senior Director of Translational
Medicine at Biogen Idec.
-- Received Prestigious James D. Watson Helix Award. Alnylam was
awarded the James D. Watson Helix award for outstanding
corporate achievement in the 'emerging/mid-cap' category. The
award, presented by the Biotechnology Industry Organization
(BIO) along with co-sponsors the State University of New York
at Stony Brook and its Center for Biotechnology, is the
biotechnology industry's award of corporate excellence and is
regarded as a major recognition of industry accomplishments.
2006 Goals
Product Goals
-- Advance RSV Program. Alnylam expects to present preliminary
data from its ongoing Phase I intranasal trials with ALN-RSV01
in the first half of 2006, and plans to initiate a Phase I
inhalation trial in the second half of 2006. In addition, the
company is evaluating the possibility of conducting an
experimental infection clinical study, and expects to initiate
such a study in the second half of 2006. The company believes
that these efforts will enable initiation of a Phase II trial
in naturally infected RSV patients in the first half of 2007.
-- Progress Pandemic Flu Program. The company expects to submit
an IND application for its pandemic flu program as early as
the end of 2006.
-- Announce Additional Therapeutic Program. Alnylam intends to
announce an additional development candidate in the second
half of 2006 as it continues to expand its pipeline of RNAi
therapeutic programs.
-- Advance Systemic RNAi and miRNAs. The company will continue
its efforts to develop Systemic RNAi therapeutics and expects
to present or publish peer-reviewed systemic non-human primate
data in the first half of 2006. In addition, the company
intends to continue to present and publish on therapeutic
strategies for silencing miRNAs during 2006.
Business Goals
-- Obtain Funding for Pandemic Flu Program. Alnylam expects to
obtain additional funding for its pandemic flu program in the
first half of 2006.
-- Achieve Successful Execution in Strategic Alliances. The
company expects to receive at least $15.0 million in
alliance-based funding in 2006, which includes the achievement
of objectives under its collaborations with Merck, Medtronic,
and Novartis.
-- Strengthen IP Position. Alnylam expects to strengthen its IP
position through expected patent issuances and grants in major
markets over the course of the year, augmenting the recent
allowances of the Tuschl II patents.
-- Leverage IP Position. The company plans to realize additional
near-term value from its IP estate by granting more than five
new InterfeRx or research product licenses. Since 2003, the
company has signed 14 such licensing agreements.
-- Maintain Strong Balance Sheet. Finally, Alnylam aims to
maintain a solid financial position while executing on its
product and business goals, finishing 2006 with greater than
$115.0 million in cash.
Conference Call Information
Alnylam will host a conference call at 4:30 p.m. ET on February 15, 2006 to discuss fourth quarter and year-end activities and recent corporate developments. The call may be accessed by dialing 888-396-2298 (domestic) or 617-847-8708 (international) five minutes prior to the start time, and providing the passcode 95966590.
A replay of the call will be available from 6:30 p.m. ET on February 15, 2006 until February 22, 2006. To access the replay, please dial 888-286-8010 (domestic) or 617-801-6888 (international), and provide the passcode 10232586. A live audio webcast of the call will also be available on the "Investors" section of the company's website, www.alnylam.com. An archived webcast will be available on the company's website approximately two hours after the event, and will be archived for 14 days thereafter.
About RNA Interference (RNAi)
RNA interference, or RNAi, is a naturally occurring mechanism within cells for selectively silencing and regulating specific genes. Since many diseases are caused by the inappropriate activity of specific genes, the ability to silence genes selectively through RNAi could provide a new way to treat a wide range of human diseases. RNAi is induced by small, double-stranded RNA molecules. One method to activate RNAi is with chemically synthesized small interfering RNAs, or siRNAs, which are double-stranded RNAs that are targeted to a specific disease-associated gene. The siRNA molecules are used by the natural RNAi machinery in cells to cause highly targeted gene silencing.
About Alnylam
Alnylam is a biopharmaceutical company developing novel therapeutics based on RNA interference, or RNAi. The company is applying its therapeutic expertise in RNAi to address significant medical needs, many of which cannot effectively be addressed with small molecules or antibodies, the current major classes of drugs. Alnylam is building a pipeline of RNAi therapeutics; its lead program is in Phase I human clinical trials for the treatment of respiratory syncytial virus (RSV) infection, which is the leading cause of hospitalization in infants in the U.S. The company's leadership position in fundamental patents, technology, and know-how relating to RNAi has enabled it to form major alliances with leading companies including Merck, Medtronic, and Novartis. The company, founded in 2002, maintains global headquarters in Cambridge, Massachusetts, and has an additional operating unit in Kulmbach, Germany. For more information, please visit www.alnylam.com.
Alnylam Forward-Looking Statements
Various statements in this release concerning our future expectations, plans and prospects, including, without limitation, statements related to our product goals and business goals for 2006 and projections for the amount and sufficiency of cash, cash equivalents and marketable securities, constitute forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including risks related to: our approach to discover and develop novel drugs, which is unproven and may never lead to marketable products; obtaining, maintaining and protecting intellectual property utilized by our products; our ability to enforce our patents against infringers and to defend our patent portfolio against challenges from third parties; our ability to obtain additional funding to support our business activities; our dependence on third parties for development, manufacture, marketing, sales and distribution of our products; the successful development of products, all of which are in early stages of development; obtaining regulatory approval for products; competition from others using technology similar to ours and others developing products for similar uses; our dependence on collaborators; and our short operating history; as well as those risks more fully discussed in the "Certain Factors That May Affect Future Results" section of our most recent quarterly report on Form 10-Q on file with the Securities and Exchange Commission. In addition, any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. We do not assume any obligation to update any forward-looking statements.
Alnylam Pharmaceuticals, Inc.
Unaudited Consolidated Statements of Operations
(In thousands, except per share data)
----------------------------------------------------------------------
Three Three
Months Months Year Year
Ended Ended Ended Ended
December December December December
31, 31, 31, 31,
2005 2004 2005 2004
----------------------------------- -------- ------- -------- --------
Net revenues $ 1,552 $ 2,646 $ 5,716 $ 4,278
----------------------------------- -------- ------- -------- --------
Costs and expenses
Research and development (1) 12,762 5,178 35,319 24,603
General and administrative (1) 3,707 2,999 13,869 11,939
----------------------------------- -------- ------- -------- --------
Total operating costs and
expenses 16,469 8,177 49,188 36,542
----------------------------------- -------- ------- -------- --------
Loss from operations (14,917) (5,531) (43,472) (32,264)
----------------------------------- -------- ------- -------- --------
Other Income (Expense)
Interest income 790 208 1,549 504
Interest expense (252) (181) (969) (661)
Other income (expense), net 29 (196) 119 (233)
----------------------------------- -------- ------- -------- --------
Total other income (expense) 567 (169) 699 (390)
----------------------------------- -------- ------- -------- --------
Net Loss (14,350) (5,700) (42,773) (32,654)
Accretion of redeemable convertible
preferred stock - - - (2,713)
----------------------------------- -------- ------- -------- --------
Provision for income taxes (141) - (141) -
----------------------------------- -------- ------- -------- --------
Net loss attributable to common
stockholders $(14,491)$(5,700)$(42,914)$(35,367)
----------------------------------- -------- ------- -------- --------
Net loss per common share
Net loss per common share (basic
and diluted) $ (0.56)$ (0.29)$ (1.96)$ (2.98)
----------------------------------- -------- ------- -------- --------
Weighted average common shares used
to compute basic and diluted net
loss per common share 25,731 19,614 21,949 11,886
----------------------------------- -------- ------- -------- --------
(1) Noncash stock-based
compensation expense included in
these amounts are as follows:
Research and development $ 616 $ 692 $ 2,431 $ 2,087
General and administrative 386 499 2,166 2,019
----------------------------------- -------- ------- -------- --------
Total stock-based
compensation $ 1,002 $ 1,191 $ 4,597 $ 4,106
----------------------------------- -------- ------- -------- --------
Alnylam Pharmaceuticals, Inc.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
----------------------------------------------------------------------
December December
31, 31,
2005 2004
------------------------------------------------- ------- -------
Cash, cash equivalents and marketable securities $80,002 $46,046
Collaboration receivables 609 859
Prepaid expenses and other current assets 1,803 1,276
Property and equipment, net 10,580 11,694
Long-term restricted cash 2,313 2,313
Intangible and other assets 3,041 3,919
------------------------------------------------- ------- -------
Total Assets $98,348 $66,107
------------------------------------------------- ------- -------
Other current liabilities $ 7,749 $ 5,575
Deferred revenue 20,833 5,083
Note payable, net of current portion 5,520 6,411
Deferred rent 2,467 2,896
Total stockholders' equity 61,779 46,142
------------------------------------------------- ------- -------
Total Liabilities and Shareholders' Equity $98,348 $66,107
------------------------------------------------- ------- -------
This selected financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K which includes the audited financial statements for the year ended December 31, 2004.
CONTACT: Alnylam Pharmaceuticals, Inc.
Cynthia Clayton, 617-551-8207
or
Patricia Allen, 617-551-8362
SOURCE: Alnylam Pharmaceuticals, Inc.
For Media Inquiries, please contact:
Christine Akinc
Chief Corporate Communications Officer media@alnylam.com 617-682-4340
For Investor Inquiries, please contact:
Josh Brodsky
VP, Investor Relations & Corporate Communications investors@alnylam.com 617-551-8276
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