Navigation Links
Watson Pharmaceuticals Reports Second Quarter 2008 Results
Date:8/6/2008

Total Net Revenue of $623 Million; GAAP EPS $0.53; Adjusted EPS $0.48

CORONA, Calif., Aug. 6 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI), a leading specialty pharmaceutical company, today reported financial results for its second quarter ended June 30, 2008.

Second Quarter 2008 Results

Net revenue for the second quarter 2008 was $622.6 million and net income was $60.3 million, or $0.53 per diluted share. Net income for the second quarter 2008 included a gain related to a milestone payment and charges related to the Company's Global Supply Chain Initiative. Excluding special items as detailed in the reconciliation table below, adjusted net income for the second quarter was $54.6 million, or $0.48 per diluted share. Adjusted EBITDA for the second quarter 2008 was $137.5 million and cash flow from operations was $99.6 million. Cash and marketable securities were $278.2 million as of June 30, 2008.

"We are pleased with the financial results we delivered this quarter, driven by a strong performance in our Brand division which posted more than $100 million in product sales, a first in recent years," stated Paul Bisaro, Watson's President and Chief Executive Officer. "Our pipeline products oxybutynin topical gel for overactive bladder and silodosin for BPH were well received at data presentations at the recent American Urological Association meeting. Additionally, the FDA accepted our New Drug Application for our topical oxybutynin gel product and we successfully launched MixJect(TM), our new delivery system for Trelstar(R)."

"We continue to make progress on our near and long term strategic goals in the Generics Division, as evidenced by the recent product approvals and launches out of our verage

shares outstanding 117,652 117,080 117,511 116,909

The following table presents Watson's Condensed Consolidated Balance Sheets as of June 30, 2008 and December 31, 2007:

Table 2

Watson Pharmaceuticals, Inc.

Condensed Consolidated Balance Sheets

(Unaudited; in thousands)

June 30, December 31,

2008 2007

Assets

Cash and cash equivalents $265,469 $204,554

Marketable securities 12,718 11,799

Accounts receivable, net 297,171 267,117

Inventories 490,701 490,601

Other current assets 179,300 199,705

Property and equipment, net 672,670 688,185

Investments and other assets 131,385 129,920

Product rights and other intangibles, net 563,924 603,697

Goodwill 876,449 876,449

Total Assets $3,489,787 $3,472,027

Liabilities and Stockholders' Equity

Current liabilities $424,867 $444,927

Long-term debt 824,540 899,408

Deferred income taxes and other liabilities 269,946 278,227

Stockholders' equity 1,970,434 1,849,465

Total liabilities and stockholders'

equity $3,489,787 $3,472,027

The following table presents Watson's Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2008 and 2007:

Table 3

Watson Pharmaceuticals, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited; in thousands)

Six Months Ended

June 30,

2008 2007

Cash Flows from Operating Activities:

Net income $110,932 $68,021

Reconciliation to net cash provided

by operating activities:

Depreciation and amortization 84,508 125,613

Deferred income tax provision 17,363 (20,188)

Provision for inventory reserve 22,231 26,946

Restricted stock and stock option

compensation 9,256 6,910

Other adjustments (7,230) 2,034

Changes in assets and liabilities:

Accounts receivable, net (30,054) 86,090

Inventories (22,331) (67,980)

Accounts payable and accrued expense (18,912) (76,366)

Income taxes payable 5,145 18,058

Other assets and liabilities (4,722) 30,104

Total adjustments 55,254 131,221

Net cash provided by operating

activities 166,186 199,242

Cash Flows from Investing Activities:

Additions to property, equipment and

product rights (29,504) (35,833)

Additions to marketable securities

and long-term investments (3,733) (4,230)

Proceeds from sale of marketable

securities and investments 3,878 2,548

Other investing activities, net - (337)

Net cash used in investing activities (29,359) (37,852)

Cash Flows from Financing Activities:

Payments on term loan, current debt

and other long-term liabilities (95,000) (251,881)

Proceeds from issuance of short-term debt 17,003 -

Proceeds from stock plans 2,194 11,172

Other (109) -

Net cash used in financing activities (75,912) (240,709)

Net decrease in cash and cash equivalents 60,915 (79,319)

Cash and cash equivalents at beginning of

period 204,554 154,171

Cash and cash equivalents at end of period $265,469 $74,852

The following table presents a reconciliation of reported net income and diluted earnings per share to adjusted net income and diluted earnings per share for the three and six months ended June 30, 2008 and 2007:

Table 4

Watson Pharmaceuticals, Inc.

Reconciliation Table

(Unaudited; in thousands except per share amounts)

Three Months Ended Six Months Ended

June 30, June 30,

2008 2007 2008 2007

GAAP to adjusted net income

calculation

Reported GAAP net income $60,303 $36,409 $110,932 $68,021

Adjusted for:

Global supply chain initiative(1) 5,423 - 19,164 -

Acquisition and licensing charges 500 2,217 5,500 9,578

Gain on sale of assets - (683) (1,355) (2,472)

Loss on debt repurchases - 1,681 1,095 4,410

Legal settlements (15,000) (842) (15,000) 158

Income taxes 3,368 (869) (3,674) (4,478)

Adjusted net income 54,594 37,913 116,662 75,217

Add: Interest expense on CODES,

net of tax 1,945 2,058 3,931 4,001

Adjusted net income, adjusted for

interest on CODES $56,539 $39,971 $120,593 $79,218

Diluted earnings per share

Diluted earnings per share - GAAP $0.53 $0.33 $0.98 $0.62

Diluted earnings per share - Adjusted $0.48 $0.34 $1.03 $0.68

Basic weighted average common

shares outstanding 102,728 102,093 102,676 102,178

Effect of dilutive securities:

Conversion of CODES 14,357 14,357 14,357 14,357

Dilutive stock options 567 630 478 374

Diluted weighted average common

shares outstanding 117,652 117,080 117,511 116,909

(1) Includes accelerated depreciation charges of $1,757 and $3,793,

respectively.

The following table presents a reconciliation of reported net income for the three and six months ended June 30, 2008 and 2007 to adjusted EBITDA:

Table 5

Watson Pharmaceuticals, Inc.

Adjusted EBITDA Reconciliation Table

(Unaudited; in millions)

Three Months Ended Six Months Ended

June 30, June 30,

2008 2007 2008 2007

GAAP net income $60.3 $36.4 $110.9 $68.0

Plus:

Interest expense 6.9 11.5 13.7 25.4

Interest income (1.7) (1.8) (4.0) (4.7)

Provision for income taxes 35.6 21.0 66.7 41.0

Depreciation (2008 includes

accelerated depreciation) 22.4 19.5 44.2 37.5

Amortization 20.2 44.1 40.4 88.1

EBITDA 143.7 130.7 271.9 255.3

Adjusted for:

Share-based compensation 4.9 3.5 9.3 6.9

Acquisition and licensing charges 0.5 2.2 5.5 9.6

Legal settlement (15.0) (0.8) (15.0) 0.2

Loss on early extinguishment of

debt - 1.7 1.1 4.4

Global supply chain initiative 3.4 - 15.4 -

Gain on sale of assets - (0.7) (1.4) (2.5)

Adjusted EBITDA $137.5 $136.6 $286.8 $273.9

The following table presents a reconciliation of forecasted net income for the 12 months ending December 31, 2008 to adjusted net income and adjusted earnings per diluted share:

Table 6

Watson Pharmaceuticals, Inc.

Reconciliation Table - Forecasted Adjusted Earnings per Diluted Share

(Unaudited; in millions except per share amounts)

Forecast for Twelve Months

Ending December 31, 2008

Low High

GAAP to adjusted net income calculation

GAAP net income $214.8 $227.2

Adjusted for:

Licensing charges 8.5 8.5

Global supply chain initiative 30.0 30.0

Loss on early extinguishment of debt 1.1 1.1

Gain on sale of securities (9.6) (9.6)

Legal settlement (15.0) (15.0)

Income taxes (14.7) (15.2)

Adjusted net income 215.1 227.0

Add: Interest expense on CODES, net of tax 8.2 8.2

Adjusted net income, adjusted

for interest on CODES $223.3 $235.2

Diluted earnings per share

Diluted earnings per share - GAAP $1.90 $2.00

Diluted earnings per share - Adjusted $1.90 $2.00

Diluted weighted average common

shares outstanding 117.6 117.6

The reconciliation table is based in part on management's estimate of net income for the year ending December 31, 2008. Watson expects certain known GAAP charges for 2008, as presented in the schedule above. Other GAAP charges that may be excluded from adjusted net income are possible, but their amounts are dependent on numerous factors that we currently cannot ascertain with sufficient certainty or are presently unknown. These GAAP charges, such as potential asset impairment charges, are dependent upon future events and valuations that have not yet been performed.

The following table presents a reconciliation of forecasted net income for the 12 months ending December 31, 2008 to adjusted EBITDA:

Table 7

Watson Pharmaceuticals, Inc.

Forecasted Adjusted EBITDA Reconciliation Table

(Unaudited; in millions)

Forecast for Twelve Months Ending

December 31, 2008

Low High

GAAP net income $214.8 $227.2

Plus:

Interest expense 27.8 27.8

Interest income (6.9) (5.9)

Provision for income taxes 114.9 121.5

Depreciation (includes accelerated

depreciation) 93.1 93.1

Amortization 80.7 80.7

EBITDA 524.4 544.4

Adjusted for:

Global supply chain initiative 22.7 22.7

Share-based compensation 18.5 18.5

Licensing charges 8.5 8.5

Loss on early extinguishment of debt 1.1 1.1

Legal settlement (15.0) (15.0)

Gain on sale of securities (9.6) (9.6)

Adjusted EBITDA $550.6 $570.6

The reconciliation table is based in part on management's estimate of adjusted EBITDA for the year ending December 31, 2008. Watson expects certain known GAAP charges for 2008, as presented in the schedule above. Other GAAP charges that may be excluded from estimated EBITDA are possible, but their amounts are dependent on numerous factors that we currently cannot ascertain with sufficient certainty or are presently unknown. These GAAP charges, such as potential asset impairment charges, are dependent upon future events and valuations that have not yet been performed.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020214/WATSONLOGO)

Davie, Florida manufacturing facility. These new generic products will provide important new revenue, leverage our manufacturing capacity and allow us to build on our number three position within the U.S. Generics prescription marketplace," continued Mr. Bisaro. "We are also seeing improved margins within our Anda distribution division, as recent initiatives to enhance efficiencies are already making an impact," Mr. Bisaro said.

Six Month 2008 Results

For the six months ended June 30, 2008, net revenue was $1,249.6 million, as compared to $1,274.6 million for the first six months of 2007. Net income for the first six months of 2008 was $110.9 million, or $0.98 per diluted share, as compared to net income of $68.0 million, or $0.62 per diluted share, for the same period of 2007. On an adjusted basis, as detailed in the attached reconciliation table, net income for the first six months of 2008 was $116.7 million, or $1.03 per diluted share, as compared to adjusted net income of $75.2 million, or $0.68 per diluted share, for the same period of 2007.

Second Quarter 2008 Business Segment Results

Generic Segment Information

Three Months Ended Six Months Ended

June 30, June 30,

(Unaudited; $ in thousands) 2008 2007 2008 2007

Generic Segment Contribution

Product sales $344,289 $327,446 $686,748 $738,921

Other revenue 32,359 18,195 56,656 31,345

Net revenue 376,648 345,641 743,404 770,266

Cost of sales 227,586 210,342 457,309 482,965

Gross profit 149,062 135,299 286,095 287,301

Gross margin 39.6% 39.1% 38.5% 37.3%

Research and development 29,125 23,968 51,722 50,481

Selling and marketing 13,825 13,197 27,878 27,746

Segment contribution $106,112 $98,134 $206,495 $209,074

Segment margin 28.2% 28.4% 27.8% 27.1%

Generic product sales for the second quarter of 2008 increased $16.8 million to $344.3 million, reflecting the addition of new products which were offset in part by price erosion in the base business.

Generic other revenue increased $14.2 million to $32.4 million. Generic other revenue includes a $15 million sales milestone from Barr Pharmaceuticals, Inc. following a 1999 legal settlement, and reflects the addition of royalties from Sandoz's sales of metoprolol succinate extended-release tablets 50mg.

Generic gross profit was $149.1 million in the second quarter of 2008, compared to $135.3 million in the second quarter of 2007 and $137.0 million in the first quarter 2008. Generic gross profit for the second quarter 2008 reflects the sales milestone and approximately $4.5 million in costs related to Watson's Global Supply Chain Initiative. Excluding these items, Generic gross profit was $138.5 million, or 38.3 percent of revenue in the second quarter 2008.

Generic research and development expense increased 22 percent or $5.2 million to $29.1 million. Watson currently has approximately 60 ANDAs on file with the FDA.

Brand Segment Information

Three Months Ended Six Months Ended

June 30, June 30,

(Unaudited; $ in thousands) 2008 2007 2008 2007

Brand Segment Contribution

Product sales $101,466 $96,924 $200,458 $187,562

Other revenue 16,535 13,809 32,834 24,711

Net revenue 118,001 110,733 233,292 212,273

Cost of sales 24,417 26,795 51,943 52,010

Gross profit 93,584 83,938 181,349 160,263

Gross margin 79.3% 75.8% 77.7% 75.5%

Research and development 10,091 11,535 25,509 22,830

Selling and marketing 29,574 26,373 57,569 52,784

Segment contribution $53,919 $46,030 $98,271 $84,649

Segment margin 45.7% 41.6% 42.1% 39.9%

Brand product sales for the second quarter of 2008 increased five percent or $4.5 million to $101.5 million, primarily due to higher sales of Trelstar(R). Brand other revenue increased $2.7 million to $16.5 million, due primarily to increased revenue from the Company's licensing arrangements.

Gross margin for the Brand segment increased from 75.8 percent in the second quarter 2007 to 79.3 percent in the second quarter 2008, due to product mix and the increase in other revenue.

During the second quarter 2008, Watson's New Drug Application (NDA) for oxybutynin gel, under development for the treatment of overactive bladder, was accepted for filing by FDA. In the second half of 2008, Watson expects to submit a supplemental NDA for its six-month formulation of Trelstar(R), a product for the treatment of advanced prostate cancer.

Distribution Segment Information

Three Months Ended Six Months Ended

June 30, June 30,

(Unaudited; $ in thousands) 2008 2007 2008 2007

Distribution Segment Contribution

Net revenue $127,987 $146,631 $272,889 $292,071

Cost of sales 107,895 123,301 230,748 250,183

Gross profit 20,092 23,330 42,141 41,888

Gross margin 15.7% 15.9% 15.4% 14.3%

Selling and marketing 14,105 12,327 28,137 26,530

Segment contribution $5,987 $11,003 $14,004 $15,358

Segment margin 4.7% 7.5% 5.1% 5.3%

Distribution segment net revenue for the second quarter of 2008 declined 13 percent or $18.6 million to $128.0 million. Fewer new product launches in the quarter contributed to the year over year decline in revenue. Distribution revenue excludes sales of Watson products.

Distribution segment gross margin was 15.7 percent in the second quarter of 2008 compared to 15.9 percent in the second quarter 2007 and 15.2 percent in first quarter 2008.

Other Operating Expenses

Consolidated general and administrative expenses for the second quarter of 2008 increased $1.5 million to $46.8 million.

Amortization expense for the second quarter 2008 declined $24.0 million to $20.2 million, reflecting the full amortization of Ferrlecit(R) product rights as of December 31, 2007.

2008 Financial Outlook

Based on actual results for the first half of 2008 and its forecast for the remainder of the year, Watson is adjusting its estimates for the full year 2008. Watson's estimates are based on the Company's actual results for the first half of 2008, and management's current belief about prescription trends, pricing levels, inventory levels and the anticipated timing of future product launches and events.

Watson estimates total net revenue for the full year of 2008 at approximately $2.5 billion.

Net Revenue Estimates by Segment

For the Twelve Months Ending December 31, 2008

Generic Segment $1.40 - $1.50 Billion

Brand Segment $450 - $470 Million

Distribution Segment $580 - $610 Million

The Company has revised its revenue estimates for the Generic and Brand segments to reflect actual results through the first half of 2008. Estimates for the Distribution segment remain unchanged.

Research and development investment for 2008 is expected to be approximately $160 million. Selling, general and administrative expenses for 2008 are expected to be between $420 and $440 million. Amortization expense for 2008 is expected to be approximately $80 million.

Watson estimates adjusted earnings per diluted share will be between $1.90 and $2.00 and has increased its estimates for GAAP earnings per diluted share to between $1.90 and $2.00.

In 2008, the Company expects to incur pre-tax costs associated with the planned closure of its Carmel, NY manufacturing facilities of approximately $30 million which includes accelerated depreciation, severance, retention and other related plant closure costs. The Company also expects to incur $8.5 million of licensing costs. These and other charges are offset by the sales milestone from Barr Pharmaceuticals, the divestiture of the Company's interest in Somerset Pharmaceuticals, Inc. and the resolution of an Internal Revenue Service audit, and are excluded from Watson's 2008 adjusted earnings per diluted share forecast as detailed in Table 6 below.

Excluding special items as detailed in the EBITDA reconciliation Table 7 below, adjusted EBITDA is expected to be between $551 and $571 million.

Webcast and Conference Call Details

Watson will host a conference call and webcast today at 8:30 a.m. Eastern Daylight Time to discuss second quarter 2008 results, the outlook for 2008 and recent corporate developments. The dial-in number to access the call is (877) 251-7980, or from international locations, (706) 643-1573. A taped replay of the call will be available by calling (800) 642-1687 with access pass code 56190878. The replay may be accessed from international locations by dialing (706) 645-9291 and using the same pass code. This replay will remain in effect until midnight Eastern Daylight Time, August 15, 2008. To access the live webcast, go to Watson's Investor Relations website at http://ir.watson.com.

About Watson Pharmaceuticals, Inc.

Watson Pharmaceuticals, Inc., headquartered in Corona, California, is a leading specialty pharmaceutical company that develops, manufactures, markets, sells and distributes brand and generic pharmaceutical products. Watson pursues a growth strategy combining internal product development, strategic alliances and collaborations and synergistic acquisitions of products and businesses.

For press release and other company information, visit Watson Pharmaceuticals' website at http://www.watson.com.

Forward-Looking Statement

Statements contained in this press release that refer to Watson's estimated or anticipated future results or other non-historical facts are forward-looking statements that reflect Watson's current perspective of existing trends and information as of the date of this release. For instance, any statements in this press release concerning prospects related to Watson's strategic initiatives, product introductions and anticipated financial performance are forward-looking statements. It is important to note that Watson's goals and expectations are not predictions of actual performance. Watson's performance, at times, will differ from its goals and expectations. Actual results may differ materially from Watson's current expectations depending upon a number of factors affecting Watson's business. These factors include, among others, the inherent uncertainty associated with financial projections; the impact of competitive products and pricing; successful integration of strategic transactions; the ability to recognize the anticipated synergies and benefits of strategic transactions; variability of revenue mix between the Company's Brand, Generic and Distribution business units; periodic dependence on a small number of products for a material source of net revenue or income; variability of trade buying patterns; changes in generally accepted accounting principles; risks that the carrying values of assets may be negatively impacted by future events and circumstances; timely and successful consummation and implementation of strategic initiatives; the timing and success of product launches; the difficulty of predicting the timing or outcome of product development efforts and FDA or other regulatory agency approvals or actions; the uncertainty associated with the identification and successful consummation of external business development transactions; market acceptance of and continued demand for Watson's products; costs and efforts to defend or enforce intellectual property rights; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; successful compliance with FDA and other governmental regulations applicable to Watson's and its third party manufacturers' facilities, products and/or businesses; uncertainties related to the timing and outcome of litigation and other claims; changes in the laws and regulations, including Medicare and Medicaid, affecting among other things, pricing and reimbursement of pharmaceutical products; and such other risks and uncertainties detailed in Watson's periodic public filings with the Securities and Exchange Commission, including but not limited to Watson's Annual Report on Form 10-K for the year ended December 31, 2007. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.

MixJect(TM) is a trademark of Medimop Medical Projects Ltd., a subsidiary of West Pharmaceutical Services, Inc.

The following table presents Watson's results of operations for the three and six months ended June 30, 2008 and 2007:

Table 1

Watson Pharmaceuticals, Inc.

Condensed Consolidated Statements of Operations

(Unaudited; in thousands, except per share amounts)

Three Months Ended Six Months Ended

June 30, June 30,

2008 2007 2008 2007

Net revenues $622,636 $603,005 $1,249,585 $1,274,610

Cost of sales (excludes

amortization, presented below) 359,898 360,438 740,000 785,158

Gross profit 262,738 242,567 509,585 489,452

Operating expenses:

Research and development 39,216 35,503 77,231 73,311

Selling, general and

administrative 104,295 97,158 210,928 200,376

Amortization 20,190 44,159 40,369 88,092

Total operating expenses 163,701 176,820 328,528 361,779

Operating income 99,037 65,747 181,057 127,673

Non-operating (expense)

income, net:

Loss on early extinguishment

of debt - (1,681) (1,095) (4,410)

Interest income 1,685 1,803 3,994 4,732

Interest expense (6,931) (11,475) (13,727) (25,351)

Other income 2,080 3,034 7,433 6,437

Total non-operating expense,

net (3,166) (8,319) (3,395) (18,592)

Income before income taxes 95,871 57,428 177,662 109,081

Provision for income taxes 35,568 21,019 66,730 41,060

Net income $60,303 $36,409 $110,932 $68,021

Diluted earnings per share $0.53 $0.33 $0.98 $0.62

Diluted weighted a
'/>"/>

SOURCE Watson Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Watson to Present at the Bear Stearns 20th Annual Healthcare Conference
2. Watson Receives FDA Approval for Generic Accuneb(R)
3. Warner Chilcott and Watson Pharmaceuticals Announce Launch of Tilia(TM) Fe
4. Watson to Present at the 2008 Merrill Lynch Global Pharmaceutical, Biotechnology and Medical Device Conference
5. Watson Pharmaceuticals Reports Fourth Quarter and Full Year 2007 Results; Provides 2008 Outlook
6. Barr Subsidiary Sues Watson for SEASONIQUE(R) Patent Infringement
7. Watson Files FDA Application for Generic LYBREL(R)
8. FDA Approves MIXJECT(TM), a Convenient, Easy-to-Use Drug Delivery System For Watson Pharmaceuticals TRELSTAR(R) DEPOT and TRELSTAR(R) LA
9. Cephalon Files Patent Infringement Lawsuit Against Watson Pharmaceuticals
10. Vion Pharmaceuticals Pays Interest on 7.75% Convertible Senior Notes
11. China Biopharmaceuticals Holdings Announces Second Quarter 2007 Financial Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/4/2016)... ... February 04, 2016 , ... Morf Media Inc ... an interactive FDA compliance training course, Writing Effective SOPs ... accredited interactive course on Morf Playbook—now conveniently available on smartphones and PCs--provides step ...
(Date:2/4/2016)... ... February 04, 2016 , ... ... and triple quad LC-MS, host live demos and poster sessions, and present on ... exhibition. The conference takes place March 6 to 10 at the Georgia World ...
(Date:2/4/2016)... JUNCTION, N.J. , Feb. 4, 2016 /PRNewswire/ ... care immunotherapy leader commercializing its flagship CytoSorb® blood ... cardiac surgery patients around the world, announced that ... will present at the Source Capital Group,s 2016 ... and update on the company.  ...
(Date:2/4/2016)... N.J. , Feb. 4, 2016 ContraVir ... focused on the development and commercialization of targeted antiviral ... CEO & Investor Conference 2016, to be held February ... Source Capital Group,s 2016 Disruptive Growth & Healthcare Conference, ... on February 10-11, 2016. James Sapirstein , ...
Breaking Biology Technology:
(Date:2/2/2016)... 2, 2016  BioMEMS devices deployed in ... on medical screening and diagnostic applications, such ... devices that facilitate and assure continuous monitoring ... are being bolstered through new opportunities offered ... acquisition coupled with wireless connectivity and low ...
(Date:2/2/2016)... Feb. 2, 2016 Checkpoint Inhibitors for ... Market Are you interested in the future ... for checkpoint inhibitors. Visiongain,s report gives those predictions ... and national level. Avoid falling behind in ... opportunities and revenues those emerging cancer therapies can ...
(Date:2/2/2016)... RESTON, Va. , Feb. 2, 2016 /PRNewswire/ ... contract award from the U.S. Army Research Office ... extend the range and sensitivity of the company,s ... DoD,s Past Accounting Mission and, more generally, defense-related ... its DNA phenotyping capabilities (predicting appearance and ancestry ...
Breaking Biology News(10 mins):