Amicus Therapeutics Announces First Quarter 2008 Financi... (. Other Chaperone Programs: Amicus...)

Amicus Therapeutics Announces First Quarter 2008 Financial Results

Date:5/13/2008

Other Chaperone Programs:

Amicus is accelerating its investment in research and development to assess the potential for using pharmacological chaperones to treat a broader range of human genetic diseases beyond lysosomal storage diseases. As part of this effort, Amicus continues to conduct preclinical studies in Parkinson's disease, funded in part by a grant from the Michael J. Fox Foundation. In addition to the work in Parkinson's, Amicus is investing in new research aimed at evaluating disease targets for other neurodegenerative disorders and metabolic disorders.

Shire Collaboration:

In November 2007, Amicus entered into a strategic collaboration with Shire Human Genetic Therapies (HGT), a business unit of Shire plc, to jointly develop Amicus' three lead pharmacological chaperone compounds for lysosomal storage disorders, Amigal, Plicera and AT2220. In this collaboration valued at up to $440 million including an up front payment and success based clinical and sales milestones and excluding royalties and cost sharing, Shire also reimburses worldwide development costs on a 50/50 basis. Under the agreement, Shire received rights to commercialize these products outside of the United States. Amicus retains all rights to commercialize these products in the United States. Amicus will lead development operations through the end of Phase 2 clinical trials. The companies will then share responsibility for Phase 3 clinical trial development leveraging Shire's significant ex-US regulatory and clinical experience as well as its commercial infrastructure.

Additional Financial Results & Notes

On a reported basis, the net loss attributable to common stockholders for the three months ended March 31, 2008, was $7.7 million as compared to $9.7 million for the same period in 2007. On a non-GAAP basis, the net loss for the three months ended March 31, 2008, was $6.4 million as compared to $8.9 million and the same period in 2007.

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Amicus Therapeutics Announces First Quarter 2008 Financi...(. Other Chaperone Programs: Amicus...)