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NPS Pharmaceuticals Reports Third Quarter 2007 Financial Results, Revises Financial Guidance
Date:11/1/2007

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NPS reported net income of $14.1 million for the third quarter of 2007 and ended the quarter with $302.2 million in cash and marketable securities. During the third quarter the following financial transactions were executed:

-- NPS granted Nycomed the rights to develop and market GATTEX outside

North America, which generated an up-front payment of $10 million;

-- NPS sold $11 million of Preotact(R) bulk drug supply to Nycomed;

-- The Preotact royalty entitlement was sold to Drug Royalty LP 3 for an

up-front payment of $50 million;

-- $50 million of convertible notes were issued to Visium Asset

Management;

-- $100 million in Sensipar(R) royalty-backed notes were issued;

-- $20.2 million of 3% Convertible Notes were repurchased for $19.5

million.

Subsequent to the close of the third quarter the following transactions were completed:

-- NPS sold its interests in the mGluR research and development program

to partner AstraZeneca for $30 million;

-- $171.2 million of its outstanding 3% Convertible Notes were repurchased

through a cash tender offer for $169.1 million;

-- Nycomed elected to proceed with the GATTEX licensing agreement,

triggering a $25 million additional upfront payment to NPS.

Excluding the net proceeds generated by new business development activities and financing transactions executed in 2007, NPS now expects to have a 2007 cash burn between $70 and $80 million, a change from its earlier guidance of $80 to $90 million. As a result of the reduced cash burn, recent transactions and gains on facilities sales, NPS is revising its previous year end cash balance guidance of $65 to $75 million to a new range of between $130 and $140 million.

NPS projects that its 2008 cash burn will be $35 to 45 million, as indicated in previous guidance. With the reduced cash burn and revised cash balance, NPS should have sufficient cash
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SOURCE NPS Pharmaceuticals, Inc.
Copyright©2007 PR Newswire.
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