SOUTH SAN FRANCISCO, Calif., March 14 /PRNewswire-FirstCall/ --
Renovis, Inc. (NASDAQ:RNVS), a biopharmaceutical company focused on
the discovery and development of drugs for major medical needs in
the areas of neurological and inflammatory diseases, today
announced financial results for the fourth quarter and year ended
December 31, 2007. Revenue for the fourth quarter and the year
ended December 31, 2007 was $1.3 million and $9.8 million,
respectively, compared to $2.2 million and $10.4 million in the
corresponding periods in 2006. All of the revenue earned in the
year ended December 31, 2007 related to our collaboration with
Pfizer Inc. to research, develop and commercialize small molecules
that target the vanilloid receptor, or VR1. The decrease in revenue
in the three months and year ended December 31, 2007 resulted
primarily from a change in the amortization period for the upfront
license payment that Renovis received from Pfizer in 2005 in
connection with the initiation of the collaboration. Following the
amendment of that agreement in early 2007 to extend the term of the
collaboration for an additional year, the amortization period for
the upfront license payment was extended, reducing the amount of
upfront license fee revenue recognized in 2007. This decrease in
revenue in the year ended December 31, 2007 was partially offset by
an increase to $4.5 million in 2007 from $1.5 million in 2006 in
milestone revenue earned from Pfizer. Research and development
expenses for the fourth quarter and year ended December 31, 2007
were $6.2 million and $26.3 million, respectively, compared to $7.4
million and $28.1 million during the same periods in 2006. The
decrease in the fourth quarter of 2007 as compared to the
corresponding period in 2006 resulted primarily from cost savings
generated by the restructuring undertaken in January 2007. The
decrease in the full year 2007 as compared to 2006 was also due to
the cost savings derived from the restructuring, which was
partially offset by $0.8 million in non-recurring restructuring
expenses and a non-cash charge of $1.4 million for the repurchase
and subsequent cancellation of certain stock options held by
Company executives, both of which occurred in the first quarter of
2007. General and administrative expenses totaled $2.9 million and
$20.5 million during the quarter and year ended December 31, 2007,
compared to $3.9 million and $15.6 million during the same periods
of 2006. The decrease in the quarter ended December 31, 2007
primarily reflects the cost savings generated by the restructuring
as described above. The increase in the full year 2007 was
primarily due to the non-cash charge of $5.9 million related to the
stock option cancellation program, as well as the transaction
advisory costs incurred in connection with our proposed merger with
Evotec AG. The majority of these advisory costs will be paid upon
the closing of the transaction which is currently expected to occur
in the first half of 2008. The net loss for the fourth quarter of
2007 was $6.8 million compared to $8.0 million in the fourth
quarter of 2006. The net loss for 2007 was $32.8 million compared
to $28.4 million for the same period last year. Basic and diluted
net loss per share in the quarter and year months ended December
31, 2007, was $0.23 and $1.11 compared to $0.27 and $0.97 in the
comparable periods in 2006. At December 31, 2007, Renovis had $79.4
million in cash, cash equivalents and short-term investments.
According to Executive Chairman John Walker, "In 2007, we extended
our VR1 collaboration with Pfizer and achieved two important
milestones. The progress has been significant and allowed us to
remain on track for initiating human clinical trials in 2008.
Additionally, Renovis' two other preclinical programs continued to
move forward toward IND-enabling studies. Equally important was our
announcement in the third quarter that we had agreed to merge the
company with Evotec, a Hamburg, Germany-based biotechnology company
focused on the discovery and development of potential treatments
for diseases of the central nervous system (CNS). The combination
of the two companies, which is expected to be completed in the
first half of 2008, secures a place for Renovis' preclinicial
candidates in a robust CNS and inflammation-oriented pipeline, and
creates a critical mass of scientific expertise and infrastructure.
We believe that the prospect of an even stronger financial base as
well as a globally integrated discovery and development team will
provide enhanced value for our shareholders." Option Grants Under
NASDAQ Marketplace Rule 4350 In accordance with NASDAQ Marketplace
Rule 4350, Renovis granted employment inducement stock options to
one non-executive employee hired between November 7, 2007 and March
14, 2008 to support the Company's research and development efforts.
The inducement stock options cover an aggregate of 3,200 shares of
common stock and are classified as non-qualified stock options with
an exercise price equal to the fair market value on the date of
grant. These options were granted without stockholder approval
pursuant to NASDAQ Marketplace Rule 4350 (i)(1)(A)(iv) with the
Company's standard stock option terms, including a 10- year term
and vesting over fours years. About Renovis Renovis is a
biopharmaceutical company focused on the discovery and development
of drugs for major medical needs in the areas of neurological and
inflammatory diseases. The Company's proprietary research programs
focus on the purinergic receptors, P2X3 and P2X7, for the potential
treatment of pain and inflammatory diseases. In addition, Renovis
has a worldwide collaboration and license agreement with Pfizer to
research, develop and commercialize small molecule vanilloid
receptor (VR1) antagonists and an agreement with Genentech, Inc. in
the areas of nerve growth and anti-angiogenesis. For additional
information about the company, please visit
http://www.renovis.com/. Safe Harbor Statement This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that involve
substantial risks and uncertainties. All statements, other than
statements of historical facts, included in this press release
regarding our strategy, future operations, future financial
results, including future revenues and future operating expenses,
future preclinical and clinical development, anticipated
preclinical and clinical development progress, the anticipated
benefits of the business combination transaction involving Evotec
and Renovis, the likelihood and timing of the completion of such
transaction and the plans and objectives of management are
forward-looking statements and are based on management's current
expectations and estimates. We may not actually achieve these
plans, intentions or expectations and Renovis cautions investors
not to place undue reliance on our forward-looking statements.
Actual results or events could differ materially from the plans,
intentions and expectations disclosed in the forward-looking
statements we make. Various important factors that could cause
actual results or events to differ materially from these
forward-looking statements include, but are not limited to, the
risk that the conditions relating to the required regulatory
clearance of the transaction might not be satisfied in a timely
manner or at all, risks relating to the integration of the
technologies and businesses of Evotec and Renovis, unanticipated
expenditures, changing relationships with customers, suppliers and
strategic partners, and other factors that are described in greater
detail in the reports we file with the Securities and Exchange
Commission, including the "Risk Factors" section of our Quarterly
Report on Form 10-Q, which was filed with the Securities and
Exchange Commission on November 8, 2007, and our Annual Report on
Form 10-K, which was filed on March 15, 2007. Renovis is providing
this information as of the date of this press release and does not
undertake any obligation to update any forward-looking statements
as a result of new information, future events or otherwise.
Additional information about the transaction Renovis filed a
Current Report on Form 8-K with the Securities and Exchange
Commission on September 24, 2007, that includes as an exhibit the
Agreement and Plan of Merger between Evotec and Renovis. On January
7, 2008, Evotec filed a Registration Statement on Form F-4 with the
Securities and Exchange Commission in connection with the proposed
merger and amendments to that registrations statement on February
20, 2008, March 11, 2008 and March 13, 2008. Evotec and Renovis
expect to mail a joint proxy statement/prospectus, which will form
part of the Registration Statement on Form F-4, to stockholders of
Renovis in connection with the proposed merger. This document will
contain important information about the merger and should be read
before any decision is made with respect to the merger. Investors
and stockholders will be able to obtain free copies of this
document and any other documents filed or furnished by Evotec or
Renovis through the website maintained by the Securities and
Exchange Commission at http://www.sec.gov/. Free copies of these
documents may also be obtained from Evotec, by directing a request
to Evotec's Investor Relations department at Schnackenburgallee
114, 22525 Hamburg, Germany, or from Renovis, by directing a
request to Renovis' Investor Relations department at Two Corporate
Drive, South San Francisco, California 94080. In addition to the
documents referenced above, Renovis files or furnishes annual,
quarterly and current reports, proxy statements and other
information with the Securities and Exchange Commission. You may
read and copy any reports, statements or other information filed or
furnished by Renovis at the SEC's Public Reference Room at Station
Place, 100 F Street, N.E., Washington, D.C. 20549. You can request
copies of these documents by writing to the SEC and paying a fee
for the copying cost. Please call the SEC at 1-800-SEC-0330 for
more information about the operation of the Public Reference Room.
Renovis's SEC filings are also available to the public at the SEC's
web site at http://www.sec.gov/, or at http://www.renovis.com/.
RENOVIS, INC. Condensed Statements of Operations (All amounts in
thousands, except share and per share amounts) Three Months Twelve
Months Ended December 31, Ended December 31, 2007 2006 2007 2006
(unaudited) Contract revenue $1,317 $2,150 $9,767 $10,428 Operating
expenses: Research and development 6,207 7,400 26,266 28,112
General and administrative 2,859 3,946 20,531 15,595 Total
operating expenses 9,066 11,346 46,797 43,707 Loss from operations
(7,749) (9,196) (37,030) (33,279) Other income 981 1,220 4,215
4,903 Net loss (6,768) (7,976) (32,815) (28,376) Basic and diluted
net loss per share $(0.23) $(0.27) $(1.11) $(0.97) Shares used to
compute basic and diluted net loss per share 29,801,432 29,389,130
29,670,689 29,213,098 RENOVIS, INC. Condensed Balance Sheets (in
thousands) December 31, December 31, 2007 2006 Assets: Cash and
cash equivalents $40,750 $41,958 Short-term investments 38,643
57,149 Prepaid and other current assets 885 928 Total current
assets 80,278 100,035 Property and equipment, net 5,236 7,052 Other
long-term assets 236 214 $85,750 $107,301 Liabilities and
stockholders' equity Current liabilities $8,488 $10,531 Long-term
liabilities 1,689 3,684 Stockholders' equity 75,573 93,086 $85,750
$107,301 DATASOURCE: Renovis, Inc. CONTACT: Shari Annes of Renovis,
Inc., +1-650-888-0902, Web site: http://www.renovis.com/
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