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NEWSBRIEF: Exelixis Sees Q1 Revenue Rise, Increased Losses

SAN FRANCISCO, May 6 - Exelixis today reported an increase in revenue and a rising net loss in its first quarter.


For the three months ended March 31, the company reported revenues of $11.6 million, compared with $7.7 million in the same period one year ago.


Exelixis said that it had a pro forma net loss of $17.4 million, or $.31 per share, for the first quarter of 2002, compared to $9.8 million, or $.22 per share, for the year-ago period. Pro forma loss excluded non-cash charges for stock compensation expense and amortization of goodwill and intangibles.


Under standard rules, Exelixis reported a net loss of $18.4 million, or $.33 a share, compared to a loss of $12.7 million, or $.29 a share, in the same period one year ago.


R&D spending increased to approximately $25.9 million compared to $15.6 million for the first quarter in 2001. The increase reflected staffing and facilities expansion for drug discovery operations and an increase in development costs for a Rebeccamycin analogue, according to the company.


Exelixis said it had roughly $198.1 million in cash and cash equivalents as of March 31.


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