Nuvelo Reports First Quarter 2008 Financial Results and Updated Outloo... ( SAN CARLOS Calif. May 8 /- Nuvelo...)

Nuvelo Reports First Quarter 2008 Financial Results and Updated Outlook for 2008

Date:5/8/2008

SAN CARLOS, Calif., May 8 /PRNewswire-FirstCall/ -- Nuvelo, Inc. (Nasdaq: NUVO) today announced first quarter 2008 financial results and provided an updated outlook for 2008.

For the first quarter ended March 31, 2008, Nuvelo reported a net loss of $18.4 million, or $0.34 per share, compared with a net loss of $15.3 million, or $0.29 per share, for the same period in 2007. The increase in net loss was primarily due to $4.0 million in restructuring and facility exit charges taken in the first quarter of 2008, which are discussed below. Net cash used in operating activities was $16.4 million for the 2008 quarter, and as of March 31, 2008, the company had $87.2 million in cash and cash equivalents, marketable securities and restricted cash.

Revenues for the first quarter of 2008 were $0.1 million, compared with $0.9 million for the same period in 2007. In May 2008, we expect to recognize the $15.0 million received from Bayer in connection with the termination of the collaboration agreement in June 2007. The $15.0 million, which had been recorded as deferred revenue, will be recognized as revenue upon the expiration of the notice period, as defined in the termination agreement with Bayer.

Operating expenses for the first quarter of 2008, including $4.0 million in restructuring and facility exit charges, were $19.5 million, compared with $18.1 million for the same period in 2007.

Research and development expenses were $11.5 million for the first quarter 2008, compared with $12.7 million for the same period in 2007. Non-cash employee stock-based compensation included in R&D expenses totaled $0.2 million and $1.0 million in the 2008 and 2007 periods, respectively. The decrease in R&D expenses in 2008 was primarily att
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