SGX Pharmaceuticals Announces Financial Results for the Three and Six Months Ended Jun...( SAN DIEGO Aug. 7 /- SGX Pharmaceu...)

SAN DIEGO, Aug. 7 /PRNewswire-FirstCall/ -- SGX Pharmaceuticals (Nasdaq: SGXP) today announced its financial results for the three and six months ended June 30, 2008. For the three months ended June 30, 2008, the Company posted revenues of $4.3 million and a net loss of $7.2 million. For the six months ended June 30, 2008, revenues were $21.3 million and the net loss was $3.5 million. The revenue in the six month period includes $10.8 million of revenue earned in the first quarter attributable to the one-time recognition of an upfront payment related to the Company's collaboration with Novartis. Cash, cash equivalents and short-term investments totaled $23.7 million at June 30, 2008 compared to $39.0 million at December 31, 2007.

Total revenues for the three months ended June 30, 2008 were $4.3 million compared to $8.5 million for the three months ended June 30, 2007. Total revenues for the six months ended June 30, 2008 were $21.3 million, compared to $19.5 million for the six months ended June 30, 2007. The decrease of $4.2 million for the three month period was primarily attributable to a decrease in revenues recognized under our Novartis collaboration due to the conclusion of the research term in late March 2008 and a decrease in revenues earned under our federal research grant. The increase of $1.8 million for the six month period was primarily due to an increase in revenue recognized under the Novartis collaboration, as noted previously, offset by a decrease in revenues from the Company's federal research grant. This decrease was primarily due to the recognition of $3.5 million of revenue during the first quarter of 2007 in connection with an agreement on the reimbursement of overhead costs incurred on grant research efforts
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