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Repligen Reports First Quarter Fiscal Year 2010 Financial Results
Date:8/6/2009

WALTHAM, Mass., Aug. 6 /PRNewswire-FirstCall/ -- Repligen Corporation (Nasdaq: RGEN) today reported results for the first quarter fiscal year 2010, ended June 30, 2009. Total revenue for the quarter was $5,061,000 compared to total revenue of $13,660,000 for the first quarter of fiscal year 2009. The prior year results were favorably impacted by a one-time payment of $6,330,000 by Bristol-Myers Squibb Company for royalties on the U.S. sales of Orencia(R) prior to the April 2008 patent licensing agreement. Total first quarter fiscal year 2010 revenue was comprised of Protein A product revenue of $2,473,000 and royalty and other revenue of $2,588,000, consisting primarily of royalty payments from Bristol-Myers Squibb on the U.S. sales of Orencia(R) and grant revenue from the Muscular Dystrophy Association.

Operating expenses for the first quarter of fiscal year 2010 were $6,489,000 compared to $5,702,000 for the same period in fiscal year 2009. This increase in operating expenses of $787,000 was primarily the result of increased spending associated with advancement of both our Phase 3 clinical trial of RG1068 for pancreatic imaging, and our Phase 2b clinical trial of RG2417 for bipolar depression, as well as increased research and development expenses associated with our preclinical HDAC inhibitor program for Friedreich's ataxia.

Net loss for the first quarter of fiscal year 2010 was $1,106,000 or $0.04 per diluted share, compared to a net gain for the first quarter of fiscal year 2009 of $8,279,000 or $0.26 per diluted share. The prior year results were favorably impacted by back royalty payments of $6,330,000 from Bristol-Myers Squibb on the U.S. sales of Orencia(R) prior to the April 2008 patent licensing agreement. Cash, cash equivalents and marketable securities as of June 30, 2009 were $61,970,000 compared
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