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

$16.0 million, compared with $18.5 million for the same period in 2007. Total operating expenses for the six months ended June 30, 2008 were $35.4 million, compared with $36.6 million for the same period in 2007.

In the second quarter of 2008, the company recorded a $4.7 million charge for impairment of goodwill. The impairment was a result of the continued significant decline in our market capitalization subsequent to the company's announcement of its decision to end alfimeprase clinical development.

Research and development expenses were $7.6 million for the second quarter of 2008 compared with $11.2 million for the same period in 2007. The decrease in research and development expenses in 2008 was primarily attributable to a decrease in personnel-related expenses as a result of a reduction in headcount.

General and administrative expenses were $3.7 million for the second quarter of 2008, compared with $7.3 million for the second quarter of 2007. The decrease in general and administrative expenses in 2008 was primarily related to a $1.8 million decrease in personnel-related expenses and a 2007 non-cash impairment charge totaling $1.1 million to write off software implementation costs.

Interest income was $0.7 million for the second quarter of 2008, compared with $1.7 million for the same period in 2007.

"This past quarter, we achieved proof-of-concept with our lead compound, NU172, a short-acting anticoagulant for the potential treatment of medical or surgical procedures, such as coronary artery bypass graft (CABG) surgery, percutaneous coronary intervention and kidney dialysis, and we have already begun to see data from our subsequent Phase 1b trial which should complete soon," said Dr. Ted W. Love, chairman and chief executive officer of Nuvelo. "We continue to maintain a strong financial foundation with close to two years of operating cash on hand, and we anticipate moving NU172 into a Phase 2 trial in the fourth quarter of 20
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SOURCE Nuvelo, Inc.
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