Renovis Reports Third Quarter 2007 Financi...( SOUTH SAN FRANCISCO Calif. Nov. 6...)

SOUTH SAN FRANCISCO, Calif., Nov. 6 /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 third quarter ended September 30, 2007.

Revenue for the third quarter and the nine months ended September 30, 2007 was $1.3 million and $8.5 million, respectively, compared to $2.2 million and $8.3 million in the corresponding periods in 2006. All of the revenue earned in the three- and nine-month periods of 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 ended September 30, 2007 resulted 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 earlier this year 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 each of the first three quarters of 2007. The increase in revenue in the nine months ended September 30, 2007 resulted primarily from the Company's recognition of milestone revenue of $4.5 million from Pfizer partially offset by a decrease in revenue resulting from the revised amortization period as described above. In the corresponding period in 2006 the Company earned $1.5 million in milestone revenue related to the Pfizer collaboration.

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