BioCryst Reports Fourth Quarter and Year End 2008 Financial Results and Provides Corpor...( BIRMINGHAM Ala. Feb. 6 /- BioCryst Ph...)

BIRMINGHAM, Ala., Feb. 6 /PRNewswire-FirstCall/ -- BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) today announced financial results for the fourth quarter and year ended December 31, 2008.

Fourth Quarter 2008 Financial Results

For the three months ended December 31, 2008, the Company reported collaborative and other research and development revenues of $34.2 million, compared to $28.2 million for the three months ended December 31, 2007. This increase was driven by the recognition of $26.5 million of previously deferred revenue related to the termination of the Company's collaboration with Roche, offset by a reduction in revenue from the contract with the U.S. Department of Health and Human Services (HHS) for the development of peramivir. Furthermore, during the quarter ended December 31, 2007, the Company recognized a $7.0 million milestone payment received from Shionogi & Co., Ltd. (Shionogi).

Research and development (R&D) expenses were $22.1 million for the three months ended December 31, 2008, compared to $29.1 million for the three months ended December 31, 2007. The decrease in R&D expenses was primarily attributable to a reduction in clinical development costs associated with the peramivir program, a reduction in manufacturing costs associated with both the peramivir and Forodesine HCl programs and a reduction in costs incurred related to the Company's preclinical programs. These reductions were offset by an increase in clinical development costs in the Forodesine HCl program as well as the recognition of $8.2 million of previously deferred expense related to the termination of the Company's collaboration with Roche.

General and administrative (G&A) expenses were $2.4 million for the three months ended December 31, 2008, compared to $2.5 million for the three m
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