I've been wondering if it might be time to start a separate bioinformatics thread, as a lot of cash seems to be being directed towards in silico, rather than wet, stuff.
On that theme ...
Pharmacopeia to Consider Strategic Alternatives; Revises 2001 Drug Discovery and Consolidated Earnings Estimates
PRINCETON, N.J., July 12 /PRNewswire/ -- Pharmacopeia (Nasdaq: PCOP - news) today announced that it is engaged in a review of strategic alternatives to its current drug discovery business model. This review is focused on an intended optimization of value guided by the premise that the Company's drug discovery capabilities are best optimized by access to a greater number of drug targets than has been achieved by the current customer-funded approach. Strategic alternatives under consideration include acquisitions, joint ventures, and a separation of the drug discovery and software businesses.
Pharmacopeia also reconfirmed its 2001 software revenue growth expectation of about 35%, including the effects of completed acquisitions. The Company concurrently announced that, while it reviews strategic alternatives, its drug discovery business may continue to experience lower than optimal drug discovery revenue levels. Assuming that drug discovery revenues remain at current levels and software revenues grow at the above-mentioned rate, then 2001 pro forma EPS will be about 40 cents per share. However, based on the status of negotiations for drug discovery collaborations that are in progress, the Company believes that drug discovery revenues may begin to recover before the end of the year. If this expected recovery occurs, and assuming the expected software performance, then 2001 pro forma results will range from 45 to 50 cents per share.
Finally, Pharmacopeia announced that 2001 second quarter drug discovery revenues were about $6.8 million. Second quarter software revenues will likely be in the range of $19.5 million to $20 million and the second quarter pro forma loss will likely be in the range of eight to ten cents per share. Actual financial results are expected to be released on or about August 1, 2001. A conference call to discuss Pharmacopeia's second quarter performance and its decision to pursue strategic alternatives for its drug discovery business will take place following the release of second quarter financial results.
Joseph A. Mollica, Ph.D., Chairman, President and CEO commented, ``We are pleased by the progress we continue to make in our Accelrys software business. We also continue to believe strongly in the power of our unique drug discovery technologies and capabilities. As a result, we are steadfastly dedicated to the identification and implementation of strategic plans that will optimize the value of both segments of our business. We look forward to the opportunity to announce further developments as the year progresses.''... |
