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

and marketable securities as of September 30, 2008 were $65,606,000 compared to $60,589,000 as of March 31, 2008.

"We are in a strong position to execute our product development plan despite the recent turmoil in the financial markets," stated Walter C. Herlihy, President and Chief Executive Officer of Repligen Corporation. "As of September 30th, we had $65 million or $2.10 per share in cash and investments, no debt and we project that on an operating basis we will be cash flow positive in fiscal year 2009 with $28 to $30 million in revenue. We believe our stock is undervalued, and we intend to continue to repurchase our shares under the previously announced 1.25 million share buyback."

For the six-month period ended September 30, 2008, total revenue was $18,750,000. Royalty and other revenue for the six-month period ended September 30, 2008 was $10,073,000. Operating expenses for the six-month period ended September 30, 2008 were $11,117,000, compared to $10,746,000, exclusive of the net gain of $40,170,000 from litigation settlement, for the same period in fiscal year 2007. Net income for the six-month period ended September 30, 2008 was $8,421,000 or $0.27 per diluted share compared to a net gain of $40,546,000 or $1.30 per diluted share in the same period in fiscal year 2008.

Corporate Update

RG1068 for Imaging of the Pancreas

We are currently enrolling patients in a Phase 3 clinical trial of RG1068, synthetic human secretin, designed to assess the ability of RG1068 enhanced magnetic resonance imaging (MRI) to improve the detection of pancreatic duct abnormalities relative to MRI alone. Detailed visual assessment of the pancreatic ducts is important in the assessment, diagnosis and treatment of diseases such as acute and chronic pancreatitis. This study is being conducted at approximately 25 clinical sites within the United States and Canada and will enroll approximately 250 patients. This program has been granted Fast Track De
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