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Nuvelo Reports Second Quarter 2008 Financial Results
Date:7/23/2008

SAN CARLOS, Calif., July 23 /PRNewswire-FirstCall/ -- Nuvelo, Inc. (Nasdaq: NUVO) today announced second quarter 2008 financial results and accomplishments.

For the second quarter ended June 30, 2008, Nuvelo reported a net loss of $0.2 million or $0.00 per share, compared with net income of $29.0 million or $0.54 per share for the same period in 2007. For the six months ended June 30, 2008, Nuvelo reported a net loss of $18.6 million or $0.35 per share, compared with net income of $13.7 million or $0.26 per share for the same period in 2007. Net cash used in operating activities was $11.0 million for the second quarter of 2008 and $27.4 million for the first six months of 2008. As of June 30, 2008, Nuvelo had $76.0 million in cash and cash equivalents, marketable securities and restricted cash.

Revenues for the second quarter of 2008 were $15.1 million, compared with revenues of $45.8 million for the same period in 2007. $15.0 million of the revenues for the second quarter of 2008 was a result of the recognition of the termination payment received from Bayer in June 2007. This payment had been recorded as deferred revenue and was recognized as revenue in May 2008. The second quarter 2007 revenue was a result of the termination of Nuvelo's collaboration agreement with Bayer in June 2007. Nuvelo recorded as revenue $45.8 million of the $50.0 million up-front license fee that it received from Bayer in January 2006, which was originally recorded as deferred revenue. Revenues for the six months ended June 30, 2008 were $15.1 million, compared with revenues of $46.7 million for the same period in 2007.

Total operating expenses for the second quarter of 2008, including a $4.7 million non-cash goodwill impairment charge, were
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SOURCE Nuvelo, Inc.
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