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Exelixis Posts 28 Percent Spike in Q1 Sales, Expects More Deals in 2001

NEW YORK, May 14 – Comparative genomics company Exelixis of South San Francisco, Calif., said Monday its first quarter revenues increased 28 percent to $7.7 million as milestone payments rose from collaborations with companies including Bayer, Pharmacia, and Bristol Myers Squibb.

Looking ahead, Exelixis said it expects to close three new corporate collaborations with pharmaceutical and agricultural partners sometime during the remainder of the year. The company also expects to achieve revenue growth of 10 to 15 percent in the second quarter compared with the first quarter. Expenses are forecast to rise by 20 to 25 percent from first quarter levels.

In the first quarter, the company’s operating expenses rose to $22.1 million from $13.2 million in the first quarter as research and development expenses and general and administrative expenses increased.

Exelixis’ net losses widened to $9.8 million, or 22 cents a share, excluding non-cash charges for stock compensation expense and amortization of goodwill and intangibles, compared with net losses of $4.0 million, or 14 cents a share, excluding non-cash charges.

At the end of the quarter, Exelixis had cash and cash equivalents totaling $108 million, down from $112.6 million at the end of December.

During the quarter, Exelixis acquired Artemis Pharmaceuticals, a German company that has developed vertebrate model systems technologies, and formed a strategic alliance with AVI BioPharma for antisense drug discovery research and development.

Also in the first quarter, Exelixis delivered targets to some of its partners, including insecticide targets to Bayer and Alzheimer’s targets to Pharmacia.

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