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SENOMYX ANNOUNCES FOURTH QUARTER AND YEAR-END 2008 FINANCIAL RESULTS
Date:2/12/2009

nse) were $7.9 million for the fourth quarter in 2008 compared to $8.4 million for the same period in 2007, a decrease of 6%. The decrease was primarily due to lower costs related to the purchase of compounds used in screening activities, partially offset by an increase in patent and personnel-related expenses. R&D expenses for the year ended December 31, 2008 were $31.8 million, compared to $29.9 million for the year ended December 31, 2007, an increase of 6% primarily due to higher costs related to product candidate safety studies.

General and administrative expenses (including non-cash stock-based compensation expense) were $3.7 million for the fourth quarter in 2008, compared to $3.4 million for the same period in 2007, an increase of 10%. G&A expenses were $13.6 million for the year ended December 31, 2008 and 2007.

The net loss for the fourth quarter 2008 was $8.0 million, or $0.26 per share, compared to a net loss for the same period in 2007 of $4.6 million, or $0.15 per share. The net loss for the year ended December 31, 2008 was $26.9 million, or $0.88 per share, compared to a net loss for the year ended December 31, 2007 of $21.8 million, or $0.72 per share.

"Looking back at 2008, total operating expenses were favorably below our guidance range as we were able to manage our operations to lower than forecasted expenses," said John Poyhonen, Senior Vice President, Chief Financial and Business Officer. "Our ability to meet other financial guidance parameters was dependent upon a number of factors, including the timing of scientific progress, the completion of certain business development activities, and interest income. With respect to revenue, although we ended the year with a new collaboration for S2383, several promising discussions with potential partners were extended into 2009, which impacted our 2008 financial metrics. In addition, early in 2008 we saw a significant and lasting decrease
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SOURCE Senomyx, Inc.
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