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Exelixis Posts Fallen Q3 Revenues, Widened Net Loss

SAN FRANCISCO, Nov. 7 - Exelixis today reported decreased revenue for the third quarter of 2002.


The company said its total revenue was $10.4 million in the third quarter which ended September 30, compared to $11.9 million in the same quarter of 2001.


Exelixis reported a net loss based on generally accepted accounting principles of $22.9 million, or $.41 per share, in the third quarter 2002 compared to a net loss of $16.5 million, or $.35 per share, in the year-ago period.


R&D spending increased to $28.5 million, excluding stock compensation expense of $400,000, compared to $21.3 million, excluding stock compensation of $1.1 million, in the same period a year ago.


Exelixis also reported $159.1 million in cash, cash equivalents, and short-term investments at the end of September 2002.


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