Genelabs Reports Results for the Third Quarter and First Nine Months of 2008
13 Noviembre 2008 - 1:37PM
Business Wire
Genelabs Technologies, Inc. (Nasdaq:GNLB), a biopharmaceutical
company focused on the discovery and development of novel compounds
for infectious diseases, reported financial results for the third
quarter and nine months ended September 30, 2008. Genelabs reported
revenues of $0.3 million and a net loss of $4.9 million, or $0.11
per share, for the third quarter of 2008. This compares to revenues
of $4.6 million and a net loss of $0.1 million, or $0.00 per share,
for the third quarter of 2007. Revenues for the first nine months
of 2008 were $7.4 million, and the net loss was $9.9 million, or
$0.23 per share, compared to revenues of $12.9 million and a net
loss of $1.0 million, or $0.03 per share, for the first nine months
of 2007. Genelabs had $24.1 million in cash and cash equivalents at
September 30, 2008 as compared to $37.6 million at December 31,
2007 and $31.8 million at March 31, 2008. Genelabs� revenue
decreased in the third quarter and first nine months of 2008
compared to the same periods in 2007 as a result of lower overall
contract revenue recorded under our HCV collaborations after we
completed our research obligations under the agreements. Operating
expenses increased in the 2008 periods primarily due to higher
personnel, legal, financial advisory and depreciation expenses.
Additionally, during the first quarter of 2007, a gain of $1.2
million was recorded on the disposition of our investment in
Genovate Biotechnology Co., Ltd. with no similar transaction
occurring in 2008. About Genelabs Technologies Genelabs
Technologies, Inc. is a biopharmaceutical company engaged in the
discovery and development of pharmaceutical products to improve
human health. Our primary business objective is to translate
research into novel therapeutics for disease areas with significant
unmet medical needs. Currently, our product pipeline consists of
infectious disease projects focused on HCV infection as well as a
late-stage clinical asset for HEV that is being developed by
GlaxoSmithKline. For more information, please visit
www.genelabs.com. NOTE ON FORWARD LOOKING STATEMENTS AND RISKS:
This press release contains forward-looking statements regarding
Genelabs� business strategy and our ability to successfully advance
our infectious disease pipeline. These statements are based on
Genelabs� current expectations and are subject to uncertainties and
risks that could cause actual results to differ materially.
Uncertainties and risks include, without limitation, failures or
setbacks in our HCV research programs or in our collaboration with
GlaxoSmithKline. Please also refer to the Company�s periodic
reports filed with the Securities and Exchange Commission. Genelabs
does not undertake any obligation to update or revise
forward-looking statements in this press release. GENELABS
TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in
thousands) � September 30, December 31, 2008 2007 (Unaudited) (Note
1) Assets � Cash and cash equivalents $ 24,091 $ 37,575 Other
current assets 231 2,353 Property and equipment, net 3,278 2,854
Long-term deposit � 112 � 112 $ 27,712 $ 42,894 � Liabilities and
Shareholders� Equity � Liabilities, including unearned contract
revenue $ 3,583 $ 10,190 Shareholders� equity � 24,129 � 32,704 $
27,712 $ 42,894 � � Note 1: Derived from audited financial
statements GENELABS TECHNOLOGIES, INC. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (in thousands, except per share amounts)
(Unaudited) � � For the three months ended September 30, � For the
nine months ended September 30, � 2008 � � � 2007 � � 2008 � � �
2007 � Revenue: Contract $ 30 $ 4,404 $ 6,727 $ 12,212 Royalty �
270 � � 236 � � 711 � � 718 � Total Revenue � 300 � � 4,640 � �
7,438 � � 12,930 � Operating expenses: Research and development
3,655 3,335 11,916 11,016 General and administrative � 1,647 � �
1,672 � � 5,971 � � 4,990 � Total operating expenses � 5,302 � �
5,007 � � 17,887 � � 16,006 � Operating loss (5,002 ) (367 )
(10,449 ) (3,076 ) Gain on sale of long-term investment - - - 1,189
Interest and other income � 124 � � 279 � � 570 � � 876 � Net loss
$ (4,878 ) $ (88 ) $ (9,879 ) $ (1,011 ) Net loss per common share
� basic and diluted $ (0.11 ) $ 0.00 � $ (0.23 ) $ (0.03 ) Weighted
average shares outstanding to calculate basic and diluted net loss
per common share � 43,685 � � 30,186 � � 43,401 � � 29,115 �
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