Amicus Therapeutics Announces Third Quarter 2007 Financi... ( CRANBURY N.J. Oct. 31 /- Amicus T...)

Amicus Therapeutics Announces Third Quarter 2007 Financial Results

Date:10/31/2007

CRANBURY, N.J., Oct. 31 /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 third quarter 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 per share of $0.46 for the three months ended September 30, 2007. On a non-GAAP basis, Amicus reported a net loss attributable to common stockholders per share of $0.41 for the three months ended September 30, 2007. As of September 30, 2007, cash, cash equivalents, and marketable securities totaled $119.4 million.

"We continue to be very pleased with the progress in all of our clinical programs and look forward to sharing the preliminary Phase II data from our lead programs for Amigal(TM) for Fabry disease and Plicera(TM) for Gaucher disease by yearend," stated John F. Crowley, CEO of Amicus Therapeutics.

Financial Results

On a reported basis, the net loss attributable to common stockholders for the three months ended September 30, 2007 was $10.3 million as compared to $11.7 million for the same period in 2006. On a non-GAAP basis, the net loss for the three months ended September 30, 2007 was $9.2 million as compared to $10.6 million and the same period in 2006. The Company recorded no revenues during these periods.

On a non-GAAP basis, research and development expense for the three months ended September 30, 2007, was $7.1 million, an increase of $0.9 million from $6.2 million for the three months ended September 30, 2006.

On a non-GAA
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Amicus Therapeutics Announces Third Quarter 2007 Financi...( CRANBURY N.J. Oct. 31 /- Amicus T...)