SOUTH SAN FRANCISCO, Calif., Nov. 6 /PRNewswire-FirstCall/ --
Renovis, Inc. (NASDAQ:RNVS), a biopharmaceutical company focused on
the discovery and development of drugs for major medical needs in
the areas of neurological and inflammatory diseases, today
announced financial results for the third quarter ended September
30, 2007. Revenue for the third quarter and the nine months ended
September 30, 2007 was $1.3 million and $8.5 million, respectively,
compared to $2.2 million and $8.3 million in the corresponding
periods in 2006. All of the revenue earned in the three- and
nine-month periods of 2007 related to our collaboration with Pfizer
Inc. to research, develop and commercialize small molecules that
target the vanilloid receptor, or VR1. The decrease in revenue in
the three months ended September 30, 2007 resulted from a change in
the amortization period for the upfront license payment that
Renovis received from Pfizer in 2005 in connection with the
initiation of the collaboration. Following the amendment of that
agreement earlier this year to extend the term of the collaboration
for an additional year, the amortization period for the upfront
license payment was extended, reducing the amount of upfront
license fee revenue recognized in each of the first three quarters
of 2007. The increase in revenue in the nine months ended September
30, 2007 resulted primarily from the Company's recognition of
milestone revenue of $4.5 million from Pfizer partially offset by a
decrease in revenue resulting from the revised amortization period
as described above. In the corresponding period in 2006 the Company
earned $1.5 million in milestone revenue related to the Pfizer
collaboration. Research and development expenses for the third
quarter and nine months ended September 30, 2007 were $5.9 million
and $20.1 million, respectively, compared to $6.9 million and $20.7
million during the same periods in 2006. The decrease in the third
quarter of 2007 as compared to the corresponding period in 2006
resulted primarily from cost savings generated by the restructuring
undertaken in January 2007. The decrease in the nine month period
ended 2007 as compared to 2006 was also primarily due to the
restructuring partially offset by the $0.8 million in non-recurring
restructuring expenses and the non-cash charge of $1.4 million for
the repurchase and subsequent cancellation of certain stock options
held by Company executives, both of which occurred in the first
quarter of 2007. General and administrative expenses totaled $5.7
million and $17.7 million during the third quarter and nine months
ended September 30, 2007, compared to $4.0 million and $11.6
million during the same periods of 2006. This increase in expenses
primarily reflects the transaction advisory costs we accrued in the
third quarter of 2007 in connection with our proposed merger with
Evotec AG, the majority of which will be paid upon the closing of
the transaction which is currently expected in the first quarter of
2008. These costs were partially offset by the lower costs stemming
from the restructuring in January 2007. The increase in the nine
months ended September 30, 2007 was primarily due to the non-cash
charge of $5.9 million related to the stock option cancellation
program, as well as the transaction advisory costs noted above. The
net loss for the third quarter of 2007 was $9.1 million compared to
$7.4 million in the third quarter of 2006. The net loss for the
nine months ended September 30, 2007 was $26.0 million compared to
$20.4 million for the same period last year. Basic and diluted net
loss per share in the quarter and nine months ended September 30,
2007, was $0.31 and $0.88 compared to $0.25 and $0.70 in the
comparable periods in 2006. At September 30, 2007, Renovis had
$85.7 million in cash, cash equivalents and short-term investments.
Highlights "The September 19 announcement of a definitive merger
agreement with Evotec highlighted the quarter. By combining our
team and late-stage preclinical assets with the capable management
and clinical pipeline at Evotec, we believe we have provided
investors a value-enhancing strategy for their holdings. Together,
Evotec and Renovis offer investors a broad but focused pipeline, a
strong financial foundation, and momentum in a late-stage
preclinical pipeline that has the potential to bring important pain
and inflammation products to the market," noted John Walker,
Executive Chairman. 2007 Financial Guidance Financial projections
involve a high level of uncertainty due, among many factors, to the
variability involved in predicting requirements of drug discovery
and clinical development activities and the potential for Renovis
to enter into new licensing agreements or strategic collaborations.
We plan to update financial guidance for 2007, as necessary, when
we release results for each quarter or upon the announcement of
material corporate events. For the year ending December 31, 2007,
the Company continues to anticipate: -- total contract revenue from
existing agreements of $9.0 million to $10.0 million; and -- total
operating expenses of $28.0 million to $32.0 million, excluding
non-cash, stock-based compensation to be recognized in accordance
with SFAS No. 123R, $1.0 million in restructuring expense and
merger costs related to our proposed merger with Evotec. Option
Grants Under NASDAQ Marketplace Rule 4350 In accordance with NASDAQ
Marketplace Rule 4350, Renovis granted employment inducement stock
options to five non-executive employees hired between August 7,
2007 and November 6, 2007 to support the Company's research and
development efforts. The inducement stock options cover an
aggregate of 20,400 shares of common stock and are classified as
non-qualified stock options with an exercise price equal to the
fair market value on the date of grant. These options were granted
without stockholder approval pursuant to NASDAQ Marketplace Rule
4350 (i)(1)(A)(iv) with the Company's standard stock option terms,
including a 10-year term and vesting over fours years. About
Renovis Renovis is a biopharmaceutical company focused on the
discovery and development of drugs for major medical needs in the
areas of neurological and inflammatory diseases. The Company's
proprietary research programs focus on the purinergic receptors,
P2X3 and P2X7, for the potential treatment of pain and inflammatory
diseases. In addition, Renovis has a worldwide collaboration and
license agreement with Pfizer to research, develop and
commercialize small molecule vanilloid receptor (VR1) antagonists
and an agreement with Genentech, Inc. in the areas of nerve growth
and anti-angiogenesis. For additional information about the
company, please visit http://www.renovis.com/. Safe Harbor
Statement This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 that involve substantial risks and uncertainties. All
statements, other than statements of historical facts, included in
this press release regarding our strategy, future operations,
future financial results, including future revenues and future
operating expenses, future preclinical and clinical development,
anticipated preclinical and clinical development progress, the
anticipated benefits of the business combination transaction
involving Evotec and Renovis, the timing of the completion of such
transaction and the plans and objectives of management are
forward-looking statements and are based on management's current
expectations and estimates. We may not actually achieve these
plans, intentions or expectations and Renovis cautions investors
not to place undue reliance on our forward-looking statements.
Actual results or events could differ materially from the plans,
intentions and expectations disclosed in the forward-looking
statements we make. Various important factors that could cause
actual results or events to differ materially from these
forward-looking statements include, but are not limited to, the
risk that the conditions relating to the required regulatory
clearance of the transaction might not be satisfied in a timely
manner or at all, risks relating to the integration of the
technologies and businesses of Evotec and Renovis, unanticipated
expenditures, changing relationships with customers, suppliers and
strategic partners, and other factors that are described in greater
detail in the reports we file with the Securities and Exchange
Commission, including the "Risk Factors" section of our Quarterly
Report on Form 10-Q, which was filed with the Securities and
Exchange Commission on August 8, 2007, and our Annual Report on
Form 10-K, which was filed on March 15, 2007. Renovis is providing
this information as of the date of this press release and does not
undertake any obligation to update any forward-looking statements
as a result of new information, future events or otherwise.
Additional information about the transaction Renovis filed a
Current Report on Form 8-K with the Securities and Exchange
Commission on September 24, 2007, that includes as an exhibit the
Agreement and Plan of Merger between Evotec and Renovis. Evotec
intends to file a Registration Statement on Form F-4 with the
Securities and Exchange Commission in connection with the proposed
merger. Evotec and Renovis expect to mail a joint proxy
statement/prospectus, which will form part of the Registration
Statement on Form F-4, to stockholders of Renovis in connection
with the proposed merger. This document will contain important
information about the merger and should be read before any decision
is made with respect to the merger. Investors and stockholders will
be able to obtain free copies of this document and any other
documents filed or furnished by Evotec or Renovis through the
website maintained by the Securities and Exchange Commission at
http://www.sec.gov/. Free copies of these documents may also be
obtained from Evotec, by directing a request to Evotec's Investor
Relations department at Schnackenburgallee 114, 22525 Hamburg,
Germany, or from Renovis, by directing a request to Renovis'
Investor Relations department at Two Corporate Drive, South San
Francisco, California 94080. In addition to the documents
referenced above, Renovis files or furnishes annual, quarterly and
current reports, proxy statements and other information with the
Securities and Exchange Commission. You may read and copy any
reports, statements or other information filed or furnished by
Renovis at the SEC's Public Reference Room at Station Place, 100 F
Street, N.E., Washington, D.C. 20549. You can request copies of
these documents by writing to the SEC and paying a fee for the
copying cost. Please call the SEC at 1-800-SEC-0330 for more
information about the operation of the Public Reference Room.
Renovis's SEC filings are also available to the public at the SEC's
web site at http://www.sec.gov/, or at http://www.renovis.com/.
RENOVIS, INC. Condensed Statements of Operations (All amounts in
thousands, except per share amounts) (Unaudited) Three Months Nine
Months Ended September 30, Ended September 30, 2007 2006 2007 2006
Contract revenue $1,317 $2,150 $8,450 $8,278 Operating expenses:
Research and development 5,851 6,858 20,059 20,712 General and
administrative 5,654 4,016 17,672 11,649 Total operating expenses
11,505 10,874 37,731 32,361 Loss from operations (10,188) (8,724)
(29,281) (24,083) Other income 1,085 1,290 3,234 3,683 Net loss
(9,103) (7,434) (26,047) (20,400) Basic and diluted net loss per
share $(0.31) $(0.25) $(0.88) $(0.70) Shares used to compute basic
and diluted net loss per share 29,729,785 29,303,319 29,626,630
29,153,777 RENOVIS, INC. Condensed Balance Sheets (in thousands)
September 30, December 31, 2007 2006 (unaudited) (1) Assets: Cash
and cash equivalents $41,716 $41,958 Short-term investments 43,976
57,149 Prepaid and other current assets 1,209 928 Total current
assets 86,901 100,035 Property and equipment, net 5,640 7,052 Other
long-term assets 235 214 $92,776 $107,301 Liabilities and
stockholders' equity Current liabilities $9,959 $10,531 Long-term
liabilities 2,152 3,684 Stockholders' equity 80,665 93,086 $92,776
$107,301 (1) Derived from audited financial statements at that
date. DATASOURCE: Renovis, Inc. CONTACT: Investors and Media, Shari
Annes of Renovis, Inc., +1-650-888-0902, Web site:
http://www.renovis.com/
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