Amicus Therapeutics Announces Second Quarter 2008 Financi...(ng an up frontpayment and success based ...),Health

Date:8/7/2008

ng an up front payment and success based clinical and sales milestones and excluding royalties and cost sharing, Shire reimburses world-wide development costs on a 50/50 basis, and in return Shire received rights to commercialize these products outside of the U.S. while Amicus retains all rights to commercialize these products in the U.S. In addition, Amicus leads development operations through the end of Phase 2 clinical trials. The companies then share responsibility for Phase 3 clinical trial development leveraging Shire's significant ex-US regulatory and clinical experience as well as its commercial infrastructure.

Additional Financial Results & Notes

On a reported basis, the net loss attributable to common stockholders for the three months ended June 30, 2008, was $9.3 million as compared to $9.7 million for the same period in 2007. On a non-GAAP basis, the net loss for the three months ended June 30, 2008, was $7.4 million as compared to $8.3 million in the same period in 2007.

Amicus recorded revenue during the second quarter of 2008 representing two different revenue streams from the Shire agreement. Upon signing the agreement, Amicus received an upfront payment of $50 million that will be recognized as revenue on a straight-line basis over 18 years from the date of the agreement. In the second quarter 2008, Amicus recognized $0.7 million of the Shire upfront payment and $3.1 million of research revenue on reimbursed research and development costs.

Amicus today updated its previous guidance for 2008 cash burn of $40 million to $60 million to a new range of $40 million to $50 million. The Company also stated that it does not expect to raise cash from any equity financings in 2008.

The differences between U.S. GAAP and non U.S. GAAP financial results are itemized in Tables 2 and 3, and are primarily due to:

-- Pre-tax stock compensation expense

-- Pre-tax charges for preferred stock accretion

-- P
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SOURCE Amicus Therapeutics Copyright©2008 PR Newswire. All rights reserved

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