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SemBioSys announces 2007 third quarter results
Date:11/1/2007

123,039 and $390,570 for the corresponding periods in 2006. The difference in revenue relates primarily to the recognition of an upfront license fee payment received from Martek in the first quarter of 2007 as well as contract research revenue recognized in the first half of 2007 and three-month and nine-month periods ended September 30, 2006.

Total expenditures for the three-month and nine-month periods ended September 30, 2007 were $4,022,642 and $12,017,416 respectively, compared with $2,949,791 and $10,706,226 for the corresponding periods last year.

Research and development expenses for the three-month and nine-month periods ended September 30, 2007 were $1,892,224 and $5,560,941 respectively, compared with $1,360,045 and $3,843,207 for the corresponding periods last year. The difference is primarily from increased personnel and outsourcing related to preclinical costs and the related support costs in all areas of research and development with an expanded focus on insulin and Apo AI. As SemBioSys prepares to enter clinical trials, all lab related activities continue to substantially increase resulting in a higher overall cost. The Company has also expanded the plant growth team and infrastructure both indoors and in the field as its programs further progress.

General and administrative expenses for the three-month and nine-month periods ended September 30, 2007 were $1,041,949 and $3,152,426 respectively, compared with $903,753 and $2,695,669 for the corresponding periods last year. The difference is mainly due to newly added staff to support expanded operations and increased investor relations activities as the Company broadens its exposure to U.S. and European markets.

Intellectual property costs for the three-month and nine-month periods ended September 30, 2007 were $237,430 and $1,073,093 respectively, compared with $217,269 and $2,561,564 for the corresponding periods last year. This difference in the nine-month period is primarily
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SOURCE SemBioSys Genetics Inc.
Copyright©2007 PR Newswire.
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