Nuvelo Reports Third Quarter 2008 Financi... ( SAN CARLOS Calif. Oct. 30 /- Nuve...)

Nuvelo Reports Third Quarter 2008 Financial Results

Date:10/30/2008

SAN CARLOS, Calif., Oct. 30 /PRNewswire-FirstCall/ -- Nuvelo, Inc. (Nasdaq: NUVO) today announced third quarter 2008 financial results and accomplishments.

For the third quarter ended September 30, 2008, Nuvelo reported a net loss of $8.5 million or $0.16 per share, compared with net loss of $14.4 million or $0.27 per share for the same period in 2007. For the nine months ended September 30, 2008, Nuvelo reported a net loss of $27.2 million or $0.51 per share, compared with net loss of $0.7 million or $0.01 per share for the same period in 2007. Net cash used in operating activities was $10.8 million for the third quarter of 2008 and $38.2 million for the first nine months of 2008. As of September 30, 2008, Nuvelo had $65.1 million in cash and cash equivalents, marketable securities and restricted cash.

Revenues for both the third quarter of 2008 and 2007 were $0.1 million. Revenues for the nine months ended September 30, 2008 were $15.2 million, compared with revenues of $46.8 million for the same period in 2007. $15.0 million of the revenues for the nine months ended September 30, 2008 was a result of the recognition of the termination payment received from Bayer in June 2007. This payment had been recorded as deferred revenue and was recognized as revenue in May 2008. $45.8 million of the revenues recorded in the nine months ended September 30, 2007 was a result of the termination of Nuvelo's collaboration agreement with Bayer in June 2007. Nuvelo had originally recorded the $50.0 million up-front license fee that it received from Bayer in January 2006 as deferred revenue.

Total operating expenses for the third quarter of 2008 were $9.1 million, compared with $16.0 million for the same period in 2007. Total operati
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