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Pharmacopeia Announces Third Quarter 2007 Financial Results
Date:11/1/2007

a will apply a portion of its medicinal chemistry resources to an unrelated BMS discovery program for up to three years. While the company is still evaluating the accounting treatment for its acquisition of the SARM program, it expects to record a non-cash charge to earnings ranging from $9.5 million to $10.0 million in the fourth quarter of 2007. This charge relates to the estimated fair value of the chemistry resources the company is to provide to BMS. In addition the company will pay BMS milestone payments associated with submission and approval of a therapeutic product for marketing and a stepped royalty on net sales of therapeutic products, if any, resulting from the SARM development program.

"Our recent clinical progress with PS433540 as well as the in-licensing of our new SARM program has significantly enhanced Pharmacopeia's pipeline," stated Les Browne, Ph.D., Pharmacopeia's President and Chief Executive Officer. "We now have two of our own programs in clinical development as well as two partnered programs advancing in Phase 2 clinical development that should yield results on efficacy in 2008."

THIRD QUARTER, 2007 FINANCIAL RESULTS

At September 30, 2007, Pharmacopeia had cash, cash equivalents and marketable securities of $81.4 million. As previously stated, Pharmacopeia expects to end the year with $65 million to $70 million in cash and short-term investments.

Pharmacopeia's net revenue was $5.1 million for the quarter ended September 30, 2007, compared to $6.3 million for the quarter ended September 30, 2006. The decrease in revenue during the quarter ended September 30, 2007 was primarily due to lower milestone revenue as compared to the prior year period, offset by increased research revenue from Pharmacopeia's alliances with GSK, Organon and Wyeth. For the nine months ended September 30, 2007, net revenue was $16.4 million, compared to $13.7 million for the same period in 2006. The increase in net revenue during the nine-month p
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SOURCE Pharmacopeia
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