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Q4 Revenues up, but Losses Widen for Exelixis

NEW YORK, Feb. 17 (GenomeWeb News) - Exelixis today reported an increase in revenues for the quarter ended Dec. 31, 2003, along with higher net losses and rising R&D expenses.

Exelixis posted total revenues of $13.8 million for the fourth quarter, up from $12.5 million in the same period of 2002.

The company's net loss widened to $23.3 million from $20.9 million in the fourth quarter of 2002.

R&D expenses for the quarter were $32.6 million, compared to $27.7 million for the equivalent period of 2002. Exelixis said the increase in R&D spending was due to its expanded drug discovery and development operations and clinical and preclinical development programs.

As of Dec. 31, 2003, the company's cash, cash equivalents, short-term investments, and restricted cash totaled $241.9 million, compared to $222.0 million at the end of 2002.

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