Genelabs forecasts $15 million mid-year cash level

By Elaine Rigoli

Tampa, Fla., June 9 - Genelabs Technologies, Inc. said mid-year cash and cash equivalents will be about $15 million, after receipt of $12.5 million in up-front payments under its recently announced agreement with Novartis.

The mid-year cash level anticipated by the company accounts for costs related to closing the transaction and anticipated second-quarter operating expenses.

The company said this cash balance, together with anticipated funding under its hepatitis C virus collaborations with Novartis and Gilead, and in the absence of earning any milestones, would be sufficient to fund its current operations until approximately the beginning of 2008.

Genelabs is a biopharmaceutical company located in Redwood City, Calif.

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