SGX advances product pipeline, grows revenue 39% in "eventful" third quarter

By Lisa Kerner

Charlotte, N.C., Nov. 7 - SGX Pharmaceuticals, Inc. said its third quarter was eventful as the company advanced its product pipeline using its FAST drug discovery platform.

"With a strong cash position and existing revenue stream, and with our research efforts driven by a talented base of employees and collaborators such as Novartis and Eli Lilly, we look forward to continued growth and realizing value in our pipeline," president and chief executive officer Mike Grey said in a company news release.

For the quarter ended Sept. 30, SGX reported total revenues of $6.8 million, up 39% from $4.9 million in the third quarter of 2005.

Research and development expenses for the quarter were down 29% at $8.6 million, from $10.8 million in the prior-year period.

The company had a net loss of $3.4 million, or $0.23 loss per share, in the third-quarter 2006, compared to $10.6 million, or $17.47 loss per share.

For the nine months ended Sept. 30, SGX reported total revenues of $19.3 million, research and development expenses of $35.6 million and a net loss of $23.2 million, or $1.74 loss per share.

SGX had cash and cash equivalents of $39.0 million at Sept. 30, compared to $17.7 million held at Dec. 31, 2005.

San Diego-based SGX is an oncology drug discovery and development company.

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