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Fresh from Spin-off, Pharmacopeia and PDD Post Decline in Revenues

NEW YORK, May 4 (GenomeWeb News) - Following on yesterday's spin-off of Pharmacopeia Drug Discovery from parent company Pharmacopeia, the newly separate companies today reported lower revenues in the quarter ended March 31, 2004, when compared to the same period of 2003.

Pharmacopeia - now trading under the ticker symbol ACCL, and soon to be renamed Accelrys - posted software sales of $11.1 million for the three months ended March 31, 2004, down from $17.2 million in the year-ago quarter.

Revenues at PDD were also down year-over-year, to $5.4 million for the quarter, compared to $7.5 million for the quarter ended March 31, 2003.

Pharmacopeia's losses widened dramatically to $26.8 million for the quarter ended March 31, 2004, compared to $5.5 million in the prior-year period. The current-year loss included $900,000 in relocation costs, $11.1 million of restructuring and other charges, and $2.3 million in spin-off transaction costs. The company did not provide net losses for PDD.

Pharmacopeia's research and development expenses were flat year-over-year, at $5.7 million.

The company had $141.6 million in cash, cash equivalents, and marketable securities as of March 31, 2004, compared to $134.1 million as of Dec. 31. 2003.