- $161.5 million in cash at year end; no equity financings expected in 2008 - Significant progress in lead lysosomal disease programs to continue in 2008; latest data for all programs to be presented at ACMG meeting in March - Expansion of research and development investment in pharmacological chaperone platform planned for targets beyond lysosomal diseases in 2008
CRANBURY, N.J., Jan. 29 /PRNewswire-FirstCall/ -- Amicus Therapeutics (Nasdaq: FOLD), a biopharmaceutical company developing small molecule, orally- active pharmacological chaperones for the treatment of human genetic diseases, today announced financial results for the fourth quarter and full year of 2007. On a reported basis calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP), Amicus announced a net loss attributable to common stockholders of $0.53 per share ($0.48 per share on a non-GAAP basis) for the three months ended December 31, 2007. For the year ended December 31, 2007, on a GAAP basis, the net loss attributable to common stockholders was $3.14 per share ($2.80 per share on a non-GAAP basis). As of December 31, 2007, cash, cash equivalents, and marketable securities totaled $161.5 million. Amicus Chief Financial Officer James Dentzer noted that: "We have ended 2007 in a strong financial position. We have several years of cash on hand, and this is further enhanced by the cost sharing and expected milestones from our partnership with Shire Human Genetic Therapies. As a result, we do not expect to raise cash from any equity financings in 2008."
In November 2007, Amicus entered into a strategic collaboration with
Shire Human Genetic Therapies, a business unit of Shire plc, to jointly
develop Amicus' three lead pharmacological
|SOURCE Amicus Therapeutics|
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