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Renovis Reports Fourth Quarter and Full Year 2007 Financial Results
Date:3/14/2008

SOUTH SAN FRANCISCO, Calif., March 14 /PRNewswire-FirstCall/ -- Renovis, Inc. (Nasdaq: RNVS), a biopharmaceutical company focused on the discovery and development of drugs for major medical needs in the areas of neurological and inflammatory diseases, today announced financial results for the fourth quarter and year ended December 31, 2007.

Revenue for the fourth quarter and the year ended December 31, 2007 was $1.3 million and $9.8 million, respectively, compared to $2.2 million and $10.4 million in the corresponding periods in 2006. All of the revenue earned in the year ended December 31, 2007 related to our collaboration with Pfizer Inc. to research, develop and commercialize small molecules that target the vanilloid receptor, or VR1. The decrease in revenue in the three months and year ended December 31, 2007 resulted primarily from a change in the amortization period for the upfront license payment that Renovis received from Pfizer in 2005 in connection with the initiation of the collaboration. Following the amendment of that agreement in early 2007 to extend the term of the collaboration for an additional year, the amortization period for the upfront license payment was extended, reducing the amount of upfront license fee revenue recognized in 2007. This decrease in revenue in the year ended December 31, 2007 was partially offset by an increase to $4.5 million in 2007 from $1.5 million in 2006 in milestone revenue earned from Pfizer.

Research and development expenses for the fourth quarter and year ended December 31, 2007 were $6.2 million and $26.3 million, respectively, compared to $7.4 million and $28.1 million during the same periods in 2006. The decrease in the fourth quarter of 2007 as compared to the correspondi
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SOURCE Renovis, Inc.
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