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BioFocus' 2008 Revenues Increase 16 Percent

NEW YORK (GenomeWeb News) – BioFocus DPI, the drug discovery products and services division of Belgian firm Galapagos, brought in revenues of €56.4 million ($71.7 million) for full-year 2008, the firm announced today.

The division's revenues were up 16 percent from the year before and included €10.9 million from inter-company revenues eliminated in a consolidation of operations. During the year, BioFocus sold its San Diego operations to ChemVentures.

In addition, in August 2008, Galapagos acquired the drug discovery services assets of Sareum Holdings and integrated those assets into BioFocus.

BioFocus' profit for 2008 was €3.4 million compared to a loss of €3.9 million in 2007.

Overall, Galapagos' revenues rose 17 percent to €77 million for 2008. Its net loss declined 33 percent to €14.6 million, or €.69 per share, from €21.9 million, or €1.06 per share, for 2007. The firm said the results include a €2.6 million charge related to the divestiture of BioFocus' San Diego operations. But it also included a €4.1 million tax credit associated with its operations in Paris.

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