WALTHAM, Mass., Feb. 5 /PRNewswire-FirstCall/ -- Repligen Corporation (Nasdaq: RGEN) today reported results for the third quarter of fiscal year 2009, ended December 31, 2008. Total revenue for the quarter was $6,018,000 compared to $4,664,000 for the third quarter of fiscal year 2008. Total revenue was comprised of Protein A product revenue, and royalty and other revenue. Product revenue for the quarter was $3,294,000 and royalty and other revenue was $2,724,000, comprised primarily of royalty payments from Bristol-Myers Squibb on the U.S. sales of Orencia(R) (abatacept) and grant revenue from the Muscular Dystrophy Association.
Operating expenses for the third quarter of fiscal year 2009 were $6,556,000 compared to $5,663,000 for the same period in fiscal year 2008. This increase in operating expenses of $893,000 was primarily the result of increased spending associated with advancement of our Phase 3 clinical trial of RG1068 for pancreatic imaging, and initiation of our Phase 2b clinical trial of RG2417 for bipolar depression, as well as increased research and development expenses associated with our program to identify a clinical candidate for Friedreich's ataxia. These increases in spending were partially offset by reductions in legal and other selling, general and administrative expenses.
The net income for the quarter was $18,000 or $0.00 per diluted share, compared to a net loss for the same quarter of fiscal year 2008 of $242,000 or $0.01 per diluted share. Cash, cash equivalents and marketable securities as of December 31, 2008 were $64,509,000 compared to $60,589,000 as of March 31, 2008.
"We are pleased to have advanced our pipeline and achieved strong revenue growth during a quarter marked by continued global financial turmoil," stated Walter C. Herlihy, President and Chief Executive Officer of
|SOURCE Repligen Corporation|
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