ZymoGenetics, the Seattle biotech company that markets Recothrom for surgical bleeding, said today in a regulatory filing that it has sold a parcel of lake near its headquarters on Eastlake Avenue East for $11.5 million, and will record a gain on the sale of $7 million. The company bought the land in 2001 and 2002, to bank it for future expansion. ZymoGenetics (NASDAQ: [[ticker:ZGEN]]) has been looking to conserve cash lately, as sales of Recothrom have gotten off to a slower start than Wall Street analysts had expected.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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