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Pharmacopeia's cash position up slightly at $31 million
By Angela McDaniels
Seattle, Nov. 2 - Pharmacopeia Drug Discovery Inc.'s cash, cash equivalents and marketable securities increased slightly to $31.0 million at Sept. 30 from $30.4 million at Dec. 31, 2005, according to a company news release.
The company said it expects to end the year with $30.0 million to $35.0 million of cash, cash equivalents and marketable securities.
Pharmacopeia's net revenue was $6.3 million for the third quarter ended Sept. 30, 2006, compared with $3.9 million for the third quarter of 2005. The company attributed the increase primarily to $3.0 million of milestones earned in the third quarter.
For the nine months ended Sept. 30, net revenue fell to $13.7 million, from $14.8 million for the same period of 2005, due to the reduction in funding from Pharmacopeia's collaborations with Schering-Plough Corp., according to the release.
The decrease was partially offset by revenue recognized from milestones received from the Schering-Plough and Organon collaborations and from Pharmacopeia's new alliances with Cephalon Inc. and GlaxoSmithKline plc.
In keeping with Pharmacopeia's announced intention to increase its investment in proprietary research and development programs, the company incurred proprietary research and development expense of $5.8 million in the third quarter, an increase of 112% over $2.7 million of research and develop expense in the same period of 2005.
Pharmacopeia reported a net loss of $4.7 million, or $0.31 per share, for the third quarter, compared with a net loss of $4.7 million, or $0.33 per share, for the same quarter in 2005.
For the first nine months, Pharmacopeia recorded a net loss of $19.6 million, or $1.28 per share, compared with a net loss of $14.1 million, or $1.08 per share, for the same nine-month period of 2005.
Pharmacopeia is a pharmaceutical company based in Princeton, N.J.
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