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Pharmacopeia s Q2 Revenues Rise Despite Drop in Drug Discovery Sales

NEW YORK, Aug 1 - Bioinformatics company Pharmacopeia said Wednesday its second-quarter revenues rose slightly to $29.2 million, compared with $27.9 million a year ago, as a drop in drug discovery revenue offset an increase in software sales.

During the quarter, sales from Pharmacopeia's Accelrys software business rose 45 percent to $20.3 million. In contrast, revenues from the company's drug discovery activities slipped 43 percent to $6.9 million, in line with a previously lowered forecast.

"The revenue level of our drug discovery business resulted in our previously disclosed decision to pursue strategic alternatives to augment this business," Joseph Mollica, the company's CEO, said in a statement.

"By allying ourselves with a larger and more consistent source of high-quality drug targets, we think we can best optimize our unique drug discovery science, technologies, and resources," he said.

The Princeton, NJ-based company has also said that it is considering splitting its drug discovery and software businesses into two separate companies in order to help investors better evaluate the businesses.

Pharmacopeia said it expects its software revenues to grow by 35 percent in full-year 2001 to more than $10 million. The company, which combined its four software units in April, said that additional acquisitions could add to this figure.

Drug discovery revenues are expected to be between $27 and $29 million for 2001.

The company's second quarter expenses rose to $25.8 million, compared with $17.6 million in the year ago period, as expenditures increased across the board.

The company posted net losses of $5.4 million, or 23 cents a share, including acquisition related charges, compared with net earnings of $3.1 million, or 13 cents a share, in the second quarter of 2000.

As of June 30, Pharmacopeia had cash, cash equivalents, and marketable securities totaling about $164 million.

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