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Exelixis Reports Revenue Upswing, Increased Losses

SAN FRANCISCO, Aug. 6 - Exelixis today reported a rise in second quarter revenue amidst increased losses.

 

For the three months ended June 30, Exelixis reported total revenues of $9.9 million compared with $8.6 million for the same period one year ago. The company said the rise in revenue was driven by collaborations established in 2001 with Bristol-Myers Squibb and Protein Design Labs and deliveries of compounds under agreements made with Elan Pharmaceuticals and Schering Plough Research Corporation.

 

Pro forma net loss for the quarter, excluding discontinued operations and non-cash charges for stock compensation and amortization of intangibles, increased to $22.1 million, or $.39 per share, compared to $13.5 million, or $.30 per share, for the year-ago period.

 

Net loss for the quarter, including discontinued operations and non-cash charges, increased to $23.9 million, or $0.43 per share, compared to $23.7 million, or $0.52 per share, for the same quarter one year ago.

 

R&D spending rose to approximately $28.7 million from $18.9 million for the second quarter in 2001

 

The company said it had roughly $173.8 million in cash, cash equivalents, short-term investments, and restricted cash as of June 30.

 

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