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Higher Software Sales Buoy Pharmacopeia s Q3 Revenues

NEW YORK, Nov 1 – A 27 percent increase in software sales helped to drive up Pharmacopeia’s third quarter revenues, which rose 12 percent to $27.1 million, compared with $24.3 million a year ago, the company said Wednesday.

" A strong performance by our software business was the result of strong sales growth in all geographic regions, including Asia,” Joseph Mollica, Pharmacopeia’s chairman, president, and CEO said in a statement. “We also benefited from the sale of new cheminformatics and bioinformatics products as a result of our acquisitions of Synopsys, Oxford Molecular, and Genetics Computer Group."

Pharmacopeia acquired Oxford Molecular, including its GCG bioinformatics software holding, earlier in the quarter.

For the quarter, the company posted net losses of $1.9 million, or eight cents a share, including acquisition-related charges, compared with net earnings of $500,000, or two cents a share, in the year ago period.

Excluding the charges, the company posted pro forma third quarter net income of $2.4 million, or 10 cents a share.

At the end of the quarter Pharmacopeia had cash, cash equivalents, and securities in excess of $166 million.

Based in Princeton, NJ, Pharmacopeia has about 700 employees.

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