Galapagos second-quarter revenues up 78% to €11 million

By Lisa Kerner

Charlotte, N.C., Aug. 4 - Galapagos NV reported second-quarter 2006 revenues of €11 million, up 78% from €6.1 million reported for the second-quarter 2005.

The company's operating loss for the three-month period decreased 35% to €5.2 million from €7.9 million in the prior-year period.

At June 30, Galapagos's had a cash position of €20 million.

Revenues for the first six months of 2006 were up to €11.0 million from €2.2 million in the first six months of 2005.

Net loss for the six-month period was €5.5.million, or €0.42 per share, compared with a net loss of €3.4 million, or €0.51 per share, for the prior-year period.

Company highlights for the quarter include a broad alliance with GlaxoSmithKline in osteoarthritis, worth €137 million in upfront, milestone and equity payments, and acquisition of the drug discovery operations of Discovery Partners International for €4.3 million cash.

"Galapagos is right on track with the execution of its strategic goals for 2006," chief executive officer Onno van de Stolpe said in a company news release.

Galapagos is a genomics-based drug discovery company based in Mechelen, Belgium.

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