Human Genome, which uses the human DNA sequence to develop targeted drugs, said in a news statement that
Human Genome's shares doubled to more than $14 when the Nasdaq stock exchange opened Thursday morning. It closed at $14.17.
Human Genome said it invited GlaxoSmithKline to participate in its strategic review process as it considers its options.
Human Genome and GlaxoSmithKline have worked together on drug development. Last year, the
Human Genome is also working on drugs that treat inhalation
In its last quarter, Human Genome reported revenues of $45 million and a loss of $81 million. The company has posted losses for several years. Many bio pharmaceutical companies post years of losses as drug development expenses are typically high, and it can take a decade or more before a new drug gets approved and is ready for sale.
Human Genome was founded in 1992 and has about 1,000 employees.