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Deltagen s Q1 Revenues Rise on DeltaBase Subscription Revenue

NEW YORK, May 3 – Deltagen’s first quarter revenues rose to $2.5 million, compared to $286,000 for the first quarter of 2000.

The company attributed this surge to subscription revenue from its DeltaBase mammalian gene function database. Pfizer and GlaxoSmithkline both subscribed to the database in the latter part of 2000, and Deltagen has additional ongoing agreements with Schering-Plough and Merck.

During the quarter, Deltagen agreed to participate in an international functional genomics consortium with the Center for Modeling Human Disease at Toronto’s Mount Sinai hospital.  The company continued to develop its internal drug target discovery programs, and continued to develop its CD123 target for AML leukemia.

Deltagen’s expenses rose with its revenues, to $11.1 million, from $7.7 million in the first quarter of 2000. The company’s R&D expenses increased to $8.2 million, from $5.6 million for the year-ago quarter; while selling, general, and administrative expenses increased to $2.9 million, from $2 million in the first quarter of 2000.  These expenses included $792,000 in amortization of deferred stock compensation for the first quarter of 2001, and $2.8 million for the first three months of 2000.

"We made excellent progress in the first quarter and have positioned Deltagen as a global leader in functional  genomics  while launching our own therapeutic protein program to discover biopharmaceutical drug candidates," said Deltagen CEO William Matthews in a statement. "Our DeltaBase agreements with two of the world's leading pharmaceutical companies, the CD123 target for Acute Myelogenous Leukemia, and our rapidly growing patent application filings, provide ongoing validation of our business model and our proprietary technologies in  genomic -based drug discovery," Matthews said.

The company reported losses of $7.1 million, or 25 cents per share, compared to $7.3 million for the first quarter of 2000. These losses were narrower than the 30 cents per share that Wall Street had expected, based on a survey of three brokers conducted by FirstCall/Thomson Financial. 

As of March 31, the company had $110.8 million in cash and cash equivalents.  
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