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Repligen Reports Fourth Quarter and Fiscal Year 2009 Financial Results
Date:6/11/2009

WALTHAM, Mass., June 11 /PRNewswire-FirstCall/ -- Repligen Corporation (Nasdaq: RGEN) today reported results for the fourth quarter and fiscal year 2009, ended March 31, 2009. Total revenue for fiscal year 2009 was $29,362,000 compared to total revenue of $19,296,000 for fiscal year 2008 ended March 31, 2008, an increase of $10,066,000 or 52%. Total revenue for the year was comprised of Protein A product revenue, and royalty and other revenue. Product revenue for the year was $14,529,000 and royalty and other revenue was $14,833,000, comprised primarily of royalty payments from Bristol-Myers Squibb on the U.S. sales of Orencia(R) (abatacept) and grant revenue from the Muscular Dystrophy Association.

Operating expenses for fiscal year 2009 were $25,482,000 compared to $23,574,000, exclusive of the net gain of $40,170,000 from the settlement of our litigation with ImClone Systems, for fiscal year 2008. This increase in operating expenses of $1,908,000 was primarily the result of increased spending associated with advancement of our Phase 3 clinical trial of RG1068 for pancreatic imaging, initiation of our Phase 2b clinical trial of RG2417 for bipolar depression, and increased research and development expenses associated with our preclinical HDAC inhibitor program for Friedreich's ataxia. These increases in spending were partially offset by reductions in legal and other selling, general and administrative expenses.

Net income for the year was $5,746,000 or $0.18 per diluted share, compared to a net gain for fiscal year 2008 of $37,107,000 or $1.18 per diluted share. Net income for fiscal year 2008 includes a one time net gain of $40,170,000 from the settlement of our litigation with ImClone Systems. Cash, cash equivalents and marketable securities as of March 31, 2009 were $63,961,000 compared to $60,589,000 as of March 31, 20
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