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BioCryst Reports Fourth Quarter and Year End 2008 Financial Results and Provides Corporate Update
Date:2/6/2009

onths ended December 31, 2007.

Net income for the quarter ended December 31, 2008, was $10.1 million, or $0.26 per share, compared to a net loss for the quarter ended December 31, 2007, of $2.3 million, or $0.06 per share.

Year End 2008 Financial Results

Collaborative and other R&D revenues were $56.6 million for the year ended December 31, 2008, compared to $71.2 million for the year ended December 31, 2007. This decrease was partially driven by a reduction in revenue from the contract with HHS for the development of peramivir, plus a $4.9 million reserve recorded by the Company during the second quarter of 2008 for amounts that were previously expected to be received from HHS related to costs incurred in the Phase 3 program of intramuscular (i.m.) peramivir for outpatient influenza. The Company initiated this program and voluntarily discontinued it following a decision to pursue higher doses in the ongoing Phase 2 study. Reimbursement of these costs is under discussion with HHS. Further contributing to the decrease in collaborative and other R&D revenues from 2007 to 2008 was the prior year receipt of a $7.0 million milestone payment from Shionogi. This was offset by the recognition of $26.5 million of previously deferred revenue related to the termination of the Company's collaboration with Roche.

R&D expenses were $73.3 million for the year ended December 31, 2008, compared to $94.1 million for the year ended December 31, 2007. The decrease in R&D expenses was due to a reduction in the clinical development costs and toxicology costs associated with the peramivir program and a reduction in manufacturing costs associated with both the peramivir and Forodesine HCl programs. These reductions were offset by an increase in the Company's clinical development costs for Forodesine HCl, the recognition of $8.2 million of previously deferred expense related to the terminatio
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SOURCE BioCryst Pharmaceuticals, Inc.
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