SemBioSys announces first quarter 2008 financial and operation... (Thedifference is due mainly to a license...)

SemBioSys announces first quarter 2008 financial and operational results

Date:5/9/2008

The difference is due mainly to a license fee payment earned from the Company's collaboration agreement with Martek BioSciences Corporation in the first quarter of 2007 which is partially offset by 2008 product sales revenue from Hydresia(TM) and the option payment received from INDEAR.

Total expenditures for the three-month period ended March 31, 2008 were $5,257,611 compared with $3,943,408 for the three-month period ended March 31, 2007.

Research and development expenses for the three-month period ended March 31, 2008 were $2,794,103, compared with $1,743,973 for the same period last year. The change in research and development costs is primarily from increased preclinical costs including outsourcing costs, laboratory supplies, personnel and the related support costs in all areas of research and development. As the Company prepares to enter clinical trials for its safflower-produced insulin, all related activities continue to substantially increase, resulting in a higher overall cost.

General and administrative expenses for the three-month period ended March 31, 2008 were $1,395,275 compared with $1,023,711 for the corresponding period last year. The difference is due to Botaneco now being operational which includes costs for newly added staff and the additional related support costs.

Intellectual property costs for the three-month period ended March 31, 2008 were $342,330 compared with $528,249 for the three-month period ended March 31, 2007. The change is due mainly to timing of costs throughout the year.

Business development costs for the three-month period ended March 31, 2008 were $159,630, compared with $309,474 for the corresponding period last year. The difference is primarily related to the shift in Botaneco's activities from business development to that of a fully operational manufacturing and sales business. However, SemBioSys expects business development costs to increase over the remainder of 2008 as its products pr
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SemBioSys announces first quarter 2008 financial and operation...(Thedifference is due mainly to a license...)