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Amicus Therapeutics Announces Third Quarter 2009 Financial Results and Strategic Business Updates
Date:10/29/2009

label, single dose Phase 1 study was initiated in early October and the Company expects to announce results from the trial in the first half of 2010.

Additionally, Amicus continues to be encouraged by the results of preclinical studies designed to evaluate the use of AT2220 in combination with enzyme replacement therapy (ERT). The Company expects to report additional data from these studies at scientific conferences in 2010.

Preclinical Chaperone Programs

Amicus continues to invest in research to assess the potential for applying its versatile chaperone technology platform to the treatment of a broad range of human genetic diseases. As part of this effort, Amicus continues to conduct preclinical studies in Parkinson's disease and is investing in new research aimed at evaluating disease targets for other neurodegenerative and genetic disorders.

Additional Financial Results & Notes

On a reported basis, the net loss attributable to common stockholders for the three months ended September 30, 2009, was $13.4 million as compared to $8.2 million for the same period in 2008. On a non-GAAP basis, the net loss for the three months ended September 30, 2009, was $11.5 million as compared to $6.6 million in the same period in 2008.

Amicus recorded revenue during the third quarter of 2009 representing two different revenue streams from the Shire collaboration agreement. Upon signing the collaboration agreement, Amicus received an upfront payment of $50 million that had been recognized as revenue on a straight-line basis over 18 years from the date of the agreement. In the third quarter of 2009, Amicus recognized $0.7 million of the Shire upfront payment and $4.2 million of research revenue on reimbursed research and development costs.

The differences between U.S. GAAP and non U.S. GAAP financial results are itemized in Tables 2 and 3 and are primarily due to pre-tax stock
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SOURCE Amicus Therapeutics
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