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

inical trials in 2008. Additionally, Renovis' two other preclinical programs continued to move forward toward IND-enabling studies. Equally important was our announcement in the third quarter that we had agreed to merge the company with Evotec, a Hamburg, Germany-based biotechnology company focused on the discovery and development of potential treatments for diseases of the central nervous system (CNS). The combination of the two companies, which is expected to be completed in the first half of 2008, secures a place for Renovis' preclinicial candidates in a robust CNS and inflammation-oriented pipeline, and creates a critical mass of scientific expertise and infrastructure. We believe that the prospect of an even stronger financial base as well as a globally integrated discovery and development team will provide enhanced value for our shareholders."

Option Grants Under NASDAQ Marketplace Rule 4350

In accordance with NASDAQ Marketplace Rule 4350, Renovis granted employment inducement stock options to one non-executive employee hired between November 7, 2007 and March 14, 2008 to support the Company's research and development efforts.

The inducement stock options cover an aggregate of 3,200 shares of common stock and are classified as non-qualified stock options with an exercise price equal to the fair market value on the date of grant. These options were granted without stockholder approval pursuant to NASDAQ Marketplace Rule 4350 (i)(1)(A)(iv) with the Company's standard stock option terms, including a 10- year term and vesting over fours years.

About Renovis

Renovis is a biopharmaceutical company focused on the discovery and development of drugs for major medical needs in the areas of neurological and inflammatory diseases. The Company's proprietary research programs focus on the purinergic receptors, P2X3 and P2X7, for the potential treatment of pain and inflammatory diseases. In addition, Renovis has a worldwide collaboration an
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SOURCE Renovis, Inc.
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