Praecis reports 1Q net loss of $7.1 million, develops partnerships for its DirectSelect technology

By Lisa Kerner

Erie, Pa., May 5 - Praecis Pharmaceuticals Inc. reported a first-quarter net loss of $7.1 million, or $0.67 per diluted share, down from the $12.3 million net loss, or $1.18 per diluted share, for the year-ago period.

The company said the decrease was due primarily to reduced expenses as a result of restructuring.

Praecis had total revenues of $171 million, down considerably from the $881 million for the first quarter of 2005.

At March 31, Praecis had cash, cash equivalents and marketable securities of $52.8 million, down from the $62.6 million at Dec. 31.

Praecis said it is focusing its research and development on advancing its PPI-2458 clinical program in oncology.

The company recently signed pilot agreements with Gilead Sciences, Inc. and GlaxoSmithKline to develop lead compounds using its DirectSelect drug discovery technology, according to a news release.

To spearhead further partnering deals with biotechnology and pharmaceutical companies, Praecis hired Prem Das, formerly head of out-licensing negotiations for Harvard Medical School's Office of Technology, as senior vice president, technology partnerships.

Officials said it is also developing DirectSelect libraries for secondary screening and various other fronts.

Praecis is a biopharmaceutical company located in Waltham, Mass.

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