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BioCryst Provides Peramivir Update and Reports First Quarter 2009 Financial Results
Date:5/8/2009

or less. The primary analysis population consisted of patients with confirmed influenza A. Approximately 79 percent of subjects with influenza A (H1N1) demonstrated the H274Y mutation. This mutation has been associated with resistance to the anti-viral treatment oseltamivir.(2)

Financial Results for the First Quarter Ended March 31, 2009

For the three months ended March 31, 2009, the Company reported collaborative and other research and development revenues of $4.4 million, compared to $10.8 million for the three months ended March 31, 2008. This decrease was driven by a reduction in revenue from the contract with the HHS for the development of peramivir. In addition, the Company recognized less revenue during the quarter related to its deferred collaboration arrangements.

Research and development (R&D) expenses were $11.3 million for the three months ended March 31, 2009, compared to $21.9 million for the three months ended March 31, 2008. The decrease in R&D expenses was primarily attributable to a reduction in clinical development costs associated with the peramivir program, a reduction in manufacturing costs associated with both the peramivir and forodesine programs and a reduction in costs incurred related to the Company's preclinical programs.

General and administrative (G&A) expenses were $2.5 million for the three months ended March 31, 2009, compared to $2.9 million for the three months ended March 31, 2008. The lower expenses were primarily due to decreases in professional fees and operating costs.

Net loss for the quarter ended March 31, 2009, was $9.3 million, or $0.24 per share, compared to a net loss for the quarter ended March 31, 2008, of $13.1 million, or $0.34 per share.

As of March 31, 2009, the Company held cash, cash equivalents and investments of $54.2 million. BioCryst continues to expect the Company's net cash u
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SOURCE BioCryst Pharmaceuticals, Inc.
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1. BioCryst Pharmaceuticals to Announce Peramivir Update and First Quarter 2009 Financial Results on May 8, 2009
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