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Amicus Therapeutics Announces First Quarter 2008 Financial Results
Date:5/13/2008

us recorded revenue during the first quarter of 2008 representing two different revenue streams from the Shire agreement. Upon signing the agreement, Amicus received an upfront payment of $50 million that will be recognized as revenue on a straight-line basis over 18 years from the date of the agreement. In the first quarter 2008, Amicus recognized $0.7 million of the Shire upfront payment and $2.5 million of research revenue on reimbursed research and development costs.

Amicus today reiterated its guidance for 2008 cash burn of $40 million to $60 million. The Company also stated that it does not expect to raise cash from any equity financings in 2008.

The differences between U.S. GAAP and non U.S. GAAP financial results are itemized in tables 2 and 3, and are primarily due to:

-- Pre-tax stock compensation expense

-- Pre-tax charges for preferred stock accretion

-- Pre-tax charges for changes in the fair value of warrant liability

Use of Non-GAAP Financial Measures

Amicus' "non-GAAP net loss" and "non-GAAP diluted net loss per common share" financial measures are defined as reported, or GAAP net loss and diluted net loss per common share excluding certain items further discussed below. Amicus' management uses these non-GAAP financial measures to establish financial goals and to gain an understanding of the comparative financial performance of Amicus from year to year and quarter to quarter. Accordingly, Amicus believes investors' understanding of Amicus' financial performance is enhanced as a result of disclosing these non-GAAP financial measures. Non-GAAP net loss and diluted net loss per common share should not be viewed in isolation or as a substitute for reported, or GAAP net loss and diluted net loss per common share.

(1) Stock option expense -- Non-GAAP net loss and diluted net loss per

common share exclude the impact of the stock option expense recorded

in accordance with
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SOURCE Amicus Therapeutics
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