General and administrative expenses were $4.0 million for the first quarter of 2008, compared with $5.4 million for the same period in 2007. Non- cash employee stock-based compensation included in general and administrative expenses totaled $0.8 million and $1.2 million in the 2008 and 2007 periods, respectively. The decrease in general and administrative expenses in 2008 was primarily related to a $1.4 million decrease in personnel-related expenses as a result of a reduction in headcount.
Restructuring expenses were $2.5 million for the first quarter 2008, which resulted from a reduction in workforce intended to realign the Company's organization. Included in the restructuring expenses were $1.3 million of termination benefits and $1.2 million of non-cash stock-based compensation.
The facility exit charge was $1.5 million for the first quarter of 2008. This non-cash charge resulted from management's conclusion that the likelihood of subleasing the facility has become remote.
Net interest income was $1.0 million for the first quarter of 2008, compared with $1.8 million for the same period in 2007.
"We are focused on building shareholder value through the aggressive advancement of our pipeline and R&D programs. We just announced positive proof-of-concept data demonstrating NU172's potential for rapid onset and offset of anticoagulation, have put programs in place to accelerate the development of NU206 and plan to designate a candidate from one of our two research programs this year," said Dr. Ted W. Love, chairman and chief executive officer of Nuvelo. "We are also seeking partnership and in-licensing opportunities to accelerate research and development, expand our pipeline and enhance our already solid financial position."
2008 Guidance and Key Milestones
Nuvelo is reiterating its guidance and expects
|SOURCE Nuvelo, Inc.|
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