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Galapagos Affirms Q4 Guidance, Lowers Full-Year Cash Burn Projections

NEW YORK, Jan. 18 (GenomeWeb News) - Galapagos today said that it expects its fourth-quarter 2005 revenues to meet previous guidance of €7.7 million ($9.3 million), and that it expects its full-year cash burn to be lower than its guidance of €7 million.

 

The Belgian drug discovery company said that the successful integration of product lines from BioFocus, which it acquired in October, plus "financial control measures" enabled it to keep cash burn lower than it had anticipated.

 

Galapagos, which trades on the Euronext exchange in Brussels and Amsterdam and the London AiM, said it expects revenues for the full year to increase to €11 million, from €7.8 million in 2004.

 

The company said it plans to publish its full year 2005 results on March 3.

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