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Repligen Reports Second Quarter Fiscal Year 2009 Financial Results
Date:11/6/2008

WALTHAM, Mass., Nov. 6 /PRNewswire-FirstCall/ -- Repligen Corporation (Nasdaq: RGEN) today reported results for the second quarter of fiscal year 2009, ended September 30, 2008. Total revenue for the quarter was $5,090,000 compared to total revenue of $5,352,000 for the second quarter of fiscal year 2008 ended September 30, 2007. Total revenue was comprised of product revenue and royalty and research revenue. Product revenue, comprised of Protein A revenue, for the second quarter of fiscal year 2009 was $2,984,000 and royalty and research revenue was $2,106,000, comprised primarily of royalty payments from Bristol-Myers Squibb on the U.S. sales of Orencia(R).

Operating expenses for the second quarter of fiscal year 2009 were $5,414,000 compared to $4,752,000 for the same time period in fiscal year 2008. This increase in operating expenses of $662,000 was primarily the result of increased spending associated with our Phase 3 clinical trial of RG1068 for pancreatic imaging, and preparations for our Phase 2b clinical trial of RG2417 for bipolar depression, as well as increased research and development costs associated with our efforts to identify a clinical candidate for Friedreich's ataxia. These increases in spending were partially offset by reductions in selling, general and administrative expenses, most notably a decrease in legal expenses.

The net income for the second quarter of fiscal year 2009 was $142,000 or $0.00 per diluted share, compared to net income for the second quarter of fiscal year 2008 of $40,306,000 or $1.29 per diluted share. The prior year results were favorably impacted by a $40,170,000 gain from the settlement in the litigation with ImClone Systems, Inc. during fiscal year 2008. Cash, cash equivalents
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