Pharmacopeia s Revenues Drop Sharply in Q1; Spin-off to Close this Month

This update serves to correct that Pharmacopeia reported a sharp decrease in first-quarter revenues. An earlier version incorrectly reported in the first paragraph that there was a sharp increase in revenue. The article also should have mentioned that Pharmacopeia said in December last year it would change its name to Accelrys.

NEW YORK, April 8 (GenomeWeb News) - Pharmacopeia reported a sharp increase in revenues for the first quarter yesterday. The company also said that it expects to finalize the spin-off of its Pharmacopeia Drug Discovery unit by the end of the month, at which time it will change its name to Accelrys. The spin-off and name-change were originally supposed to take place at the end of last month.

Pharmacopeia's consolidated revenues fell by a third during the first quarter of 2004, compared to the same quarter a year ago. The company has not yet stated its revenues formally.

Pending on shareholder approval, Pharmacopeia will trade under the symbol "ACCL" after the spin-off is completed. Pharmacopeia Drug Discovery's common stock will trade under the symbol "PCOP", subject to Nasdaq approval. The spin-off, first announced last year, is subject to regulatory approval and other conditions.

As of the end of March, Pharmacopeia had $141 million in cash and cash equivalents, $7 million more than at the end of last year.