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NPS Pharmaceuticals Reports 2007 Financial Results
Date:3/13/2008

ch and development expenses during 2007 was attributable to the implementation of the company's new business plan and the corresponding reprioritization of its pipeline to focus on specialty indications with high unmet medical need.

General and Administrative

NPS's fourth quarter general and administrative expenses were $9.3 million versus $9.8 million for the fourth quarter of 2006. Full-year general and administrative expenses were $27.0 million for 2007 as compared to $52.2 million for 2006. The declines in general and administrative expenses were attributable to reductions in personnel and associated expenditures due to the implementation of the company's new business plan.

Restructuring Charges

NPS reported restructuring chares of $1.1 million for the fourth quarter of 2007 as compared to a $61,000 credit for the fourth quarter of 2006. For the full year, restructuring charges for 2007 were $13.4 million versus $8.2 million in 2006. Restructuring charges were primarily comprised of employee termination benefits.

Gain on sale of asset

In connection with the implementation of NPS's new business plan, the company sold its interests in an early-stage research and development collaboration with AstraZeneca for metabotropic glutamate receptors (mGluRs) and recognized a $30.0 million gain in the fourth quarter of 2007.

Cash and Investments

As of December 31, 2007, the company's cash, cash equivalents, short- and long-term investments totaled $161.7 million, as compared to $146.2 million as of December 31, 2006.

The company's investment portfolio includes investments in certain auction-rate securities or ARS investments. As of December 31, 2007, the company's ARS investments had an estimated value of $53.3 million and a cost basis of $59.8 million.

Recently, NPS agreed to sell certain of these ARS investments to one of its investment advisors for $26.0 million. These securities had an estimated marke
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SOURCE NPS Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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