Renovis Reports Third Quarter 2007 Financi... (es for the third quarter and nine months...)

Renovis Reports Third Quarter 2007 Financial Results

Date:11/6/2007

es for the third quarter and nine months ended September 30, 2007 were $5.9 million and $20.1 million, respectively, compared to $6.9 million and $20.7 million during the same periods in 2006. The decrease in the third quarter of 2007 as compared to the corresponding period in 2006 resulted primarily from cost savings generated by the restructuring undertaken in January 2007. The decrease in the nine month period ended 2007 as compared to 2006 was also primarily due to the restructuring partially offset by the $0.8 million in non-recurring restructuring expenses and the 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 $5.7 million and $17.7 million during the third quarter and nine months ended September 30, 2007, compared to $4.0 million and $11.6 million during the same periods of 2006. This increase in expenses primarily reflects the transaction advisory costs we accrued in the third quarter of 2007 in connection with our proposed merger with Evotec AG, the majority of which will be paid upon the closing of the transaction which is currently expected in the first quarter of 2008. These costs were partially offset by the lower costs stemming from the restructuring in January 2007. The increase in the nine months ended September 30, 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 noted above.

The net loss for the third quarter of 2007 was $9.1 million compared to $7.4 million in the third quarter of 2006. The net loss for the nine months ended September 30, 2007 was $26.0 million compared to $20.4 million for the same period last year. Basic and diluted net loss per share in the quarter and nine months ended September 30, 2007, was $0.31 and $0.88 compared to $0.25 and $0.
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SOURCE Renovis, Inc.
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Renovis Reports Third Quarter 2007 Financi...(es for the third quarter and nine months...)