AMICUS THERAPEUTICS, INC. (FOLD, Financial) filed Quarterly Report for the period ended 2009-09-30.
AMICUS THERAPEUTICS is a biopharmaceutical company developing novel oral therapeutics known as pharmacological chaperones for the treatment of a range of human genetic diseases. Pharmacological chaperone technology involves the use of small molecules that selectively bind to and stabilizeproteins in cells leading to improved protein folding and trafficking and increased activity. Amicus is initially targeting lysosomal storage disorders which are severe chronic genetic diseases with unmet medical needs. Amicus has completed Phase 2 clinical trials of Amigal(TM) for the treatment of Fabry disease and is conducting Phase 2 clinical trials of Plicera(TM) for the treatment of Gaucher disease. Amicus Therapeutics, Inc. has a market cap of $96 million; its shares were traded at around $4.24 with and P/S ratio of 6.4.
For the three and nine months ended September 30, 2008, we recognized approximately $0.7 million and $2.1 million, respectively, of the license fee in Collaboration Revenue and $3.0 million and $8.5 million, respectively, of Research Revenue for reimbursed research and development costs.
Interest Income and Interest Expense. Interest income was $0.1 million for the three months ended September 30, 2009, compared to $1.0 million for the three months ended September 30, 2008. The decrease of $0.9 million or 90% was due to lower interest rates and decreased cash and cash equivalents balances. Interest expense was approximately $0.1 million for the three months ended September 30, 2009 and 2008.
Interest Income and Interest Expense. Interest income was $0.9 million for the nine months ended September 30, 2009, compared to $4.1 million for the nine months ended September 30, 2008. The decrease of $3.2 million or 78% was due to lower interest rates and decreased cash and cash equivalents balances. Interest expense was approximately $0.2 million for the nine months ended September 30, 2009 and 2008.
Net cash used in operations for the nine months ended September 30, 2009 of $32.8 million was comprised of the net loss for the nine months ended September 30, 2009 of $39.5 million and a reduction in deferred revenue of $3.0 million, partially offset by the change in other operating assets and liabilities of $2.1 million.
Net cash used in investing activities for the nine months ended September 30, 2008 was $1.1 million. Net cash used in investing activities reflects $125.3 million for the purchase of marketable securities and $1.7 million for the acquisition of property and equipment, partially offset by $125.9 million for the sale and redemption of marketable securities.
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AMICUS THERAPEUTICS is a biopharmaceutical company developing novel oral therapeutics known as pharmacological chaperones for the treatment of a range of human genetic diseases. Pharmacological chaperone technology involves the use of small molecules that selectively bind to and stabilizeproteins in cells leading to improved protein folding and trafficking and increased activity. Amicus is initially targeting lysosomal storage disorders which are severe chronic genetic diseases with unmet medical needs. Amicus has completed Phase 2 clinical trials of Amigal(TM) for the treatment of Fabry disease and is conducting Phase 2 clinical trials of Plicera(TM) for the treatment of Gaucher disease. Amicus Therapeutics, Inc. has a market cap of $96 million; its shares were traded at around $4.24 with and P/S ratio of 6.4.
Highlight of Business Operations:
For the three and nine months ended September 30, 2009, we recognized approximately $0.7 million and $2.1 million, respectively, of the license fee in Collaboration Revenue and $4.2 million and $12.8 million, respectively, of Research Revenue for reimbursed research and development costs.For the three and nine months ended September 30, 2008, we recognized approximately $0.7 million and $2.1 million, respectively, of the license fee in Collaboration Revenue and $3.0 million and $8.5 million, respectively, of Research Revenue for reimbursed research and development costs.
Interest Income and Interest Expense. Interest income was $0.1 million for the three months ended September 30, 2009, compared to $1.0 million for the three months ended September 30, 2008. The decrease of $0.9 million or 90% was due to lower interest rates and decreased cash and cash equivalents balances. Interest expense was approximately $0.1 million for the three months ended September 30, 2009 and 2008.
Interest Income and Interest Expense. Interest income was $0.9 million for the nine months ended September 30, 2009, compared to $4.1 million for the nine months ended September 30, 2008. The decrease of $3.2 million or 78% was due to lower interest rates and decreased cash and cash equivalents balances. Interest expense was approximately $0.2 million for the nine months ended September 30, 2009 and 2008.
Net cash used in operations for the nine months ended September 30, 2009 of $32.8 million was comprised of the net loss for the nine months ended September 30, 2009 of $39.5 million and a reduction in deferred revenue of $3.0 million, partially offset by the change in other operating assets and liabilities of $2.1 million.
Net cash used in investing activities for the nine months ended September 30, 2008 was $1.1 million. Net cash used in investing activities reflects $125.3 million for the purchase of marketable securities and $1.7 million for the acquisition of property and equipment, partially offset by $125.9 million for the sale and redemption of marketable securities.
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