"In 2008, we plan to apply our knowledge and expertise in the fields of protein folding, genetic disease and pharmacological chaperones to the development of treatments for other human genetic diseases beyond lysosomal storage disorders. We will continue to invest heavily in our current programs while also advancing new research efforts against additional disease targets in areas such as metabolic disorders, neurodegenerative diseases and cancer," said David J. Lockhart, Amicus' Chief Scientific Officer.
Additional Financial Results & Notes
On a reported basis, the net loss attributable to common stockholders for the three months ended December 31, 2007 was $11.8 million as compared to $17.8 million for the same period in 2006. On a non-GAAP basis, the net loss for the three months ended December 31, 2007 was $10.7 million as compared to $16.8 million and the same period in 2006.
Amicus recorded revenue during the fourth quarter of 2007 that represents two different revenue streams from the Shire agreement. Upon signing the agreement, Amicus received an upfront payment of $50 million that will be recognized as revenue on a straight-line basis over 18 years from the date of the agreement. The upfront payment for the period of November 7 to December 31, or $0.4 million, was recognized in the fourth quarter of 2007. The remainder of the upfront payment was recorded as deferred revenue. Additionally, Amicus recognized $1.4 million of Research Revenue on reimbursed research and developments costs for the period of November 7 to December 31, in the fourth quarter of 2007.
The differences between U.S. GAAP and non U.S. GAAP financial results
are itemized in tables 2 through 5, and are primarily due to:
-- Pre-tax stock compensation expense
-- Pre-tax charges for preferred stock accretion
-- Pre-tax charges for changes in the fai
|SOURCE Amicus Therapeutics|
Copyright©2008 PR Newswire.
All rights reserved