At September 30, 2007, Renovis had $85.7 million in cash, cash equivalents and short-term investments.
"The September 19 announcement of a definitive merger agreement with Evotec highlighted the quarter. By combining our team and late-stage preclinical assets with the capable management and clinical pipeline at Evotec, we believe we have provided investors a value-enhancing strategy for their holdings. Together, Evotec and Renovis offer investors a broad but focused pipeline, a strong financial foundation, and momentum in a late-stage preclinical pipeline that has the potential to bring important pain and inflammation products to the market," noted John Walker, Executive Chairman.
2007 Financial Guidance
Financial projections involve a high level of uncertainty due, among many factors, to the variability involved in predicting requirements of drug discovery and clinical development activities and the potential for Renovis to enter into new licensing agreements or strategic collaborations. We plan to update financial guidance for 2007, as necessary, when we release results for each quarter or upon the announcement of material corporate events.
For the year ending December 31, 2007, the Company continues to anticipate:
-- total contract revenue from existing agreements of $9.0 million to
$10.0 million; and
-- total operating expenses of $28.0 million to $32.0 million, excluding
non-cash, stock-based compensation to be recognized in accordance with
SFAS No. 123R, $1.0 million in restructuring expense and merger costs
related to our proposed merger with Evotec.
Option Grants Under NASDAQ Marketplace Rule 4350
In accordance with NASDAQ Marketplace Rule 4350, Renovis granted
employment inducement stock options to five non-executive employees hired
between August 7, 2007 and November 6, 2007 to support the Company's
research and d
|SOURCE Renovis, Inc.|
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