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

ng period in 2006 resulted primarily from cost savings generated by the restructuring undertaken in January 2007. The decrease in the full year 2007 as compared to 2006 was also due to the cost savings derived from the restructuring, which was partially offset by $0.8 million in non-recurring restructuring expenses and a non-cash charge of $1.4 million for the repurchase and subsequent cancellation of certain stock options held by Company executives, both of which occurred in the first quarter of 2007.

General and administrative expenses totaled $2.9 million and $20.5 million during the quarter and year ended December 31, 2007, compared to $3.9 million and $15.6 million during the same periods of 2006. The decrease in the quarter ended December 31, 2007 primarily reflects the cost savings generated by the restructuring as described above. The increase in the full year 2007 was primarily due to the non-cash charge of $5.9 million related to the stock option cancellation program, as well as the transaction advisory costs incurred in connection with our proposed merger with Evotec AG. The majority of these advisory costs will be paid upon the closing of the transaction which is currently expected to occur in the first half of 2008.

The net loss for the fourth quarter of 2007 was $6.8 million compared to $8.0 million in the fourth quarter of 2006. The net loss for 2007 was $32.8 million compared to $28.4 million for the same period last year. Basic and diluted net loss per share in the quarter and year months ended December 31, 2007, was $0.23 and $1.11 compared to $0.27 and $0.97 in the comparable periods in 2006.

At December 31, 2007, Renovis had $79.4 million in cash, cash equivalents and short-term investments.

According to Executive Chairman John Walker, "In 2007, we extended our VR1 collaboration with Pfizer and achieved two important milestones. The progress has been significant and allowed us to remain on track for initiating human cl
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SOURCE Renovis, Inc.
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