AMICUS THERAPEUTICS, INC. (FOLD, Financial) filed Quarterly Report for the period ended 2010-06-30.
Amicus Therapeutics, Inc. has a market cap of $69.4 million; its shares were traded at around $2.51 with and P/S ratio of 1. FOLD is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Research and Development Expense. Research and development expense was $8.1 million for the three months ended June 30, 2010 representing a decrease of approximately $5.4 million or 40% from $13.5 million for the three months ended June 30, 2009. The variance was primarily attributable to lower personnel costs associated with the workforce reduction completed in the fourth quarter of 2009, a decrease in consulting costs and a decrease in contract research and manufacturing costs due to the reduced activity within the Gaucher program.
General and Administrative Expense. General and administrative expense was $4.0 million for the three months ended June 30, 2010, representing a decrease of $1.2 million or 23% from $5.2 million for the three months ended June 30, 2009. The variance was primarily due to lower personnel costs associated with the workforce reduction completed in the fourth quarter of 2009 and a decrease in third party legal and consulting fees.
Interest Income and Interest Expense. Interest income was $0.04 million for the three months ended June 30, 2010, compared to $0.27 million for the three months ended June 30, 2009. The decrease of $0.23 million or 85% was due to lower effective interest rates and decreased cash and cash equivalents balances. Interest expense was approximately $0.1 million for the three months ended June 30, 2010 and 2009. Interest expense was incurred on the secured loan obtained in June 2009.
Research and Development Expense. Research and development expense was $17.0 million for the six months ended June 30, 2010 representing a decrease of approximately $8.3 million or 33% from $25.3 million for the six months ended June 30, 2009. The variance was primarily attributable to lower personnel costs associated with the workforce reduction completed in the fourth quarter of 2009, a decrease in consulting costs and a decrease in contract research and manufacturing costs due to the reduced activity within the Gaucher program.
General and Administrative Expense. General and administrative expense was $7.9 million for the six months ended June 30, 2010, representing a decrease of $2.5 million or 24% from $10.4 million for the six months ended June 30, 2009. The variance was primarily due to lower personnel costs associated with the workforce reduction completed in the fourth quarter of 2009 and a decrease in thir
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Amicus Therapeutics, Inc. has a market cap of $69.4 million; its shares were traded at around $2.51 with and P/S ratio of 1. FOLD is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
In March 2010, we sold 4.95 million shares of our common stock and warrants to purchase 1.85 million shares of common stock in a registered direct offering to a select group of institutional investors. The shares of common stock and warrants were sold in units consisting of one share of common stock and one warrant to purchase 0.375 shares of common stock at a price of $3.74 per unit. The warrants have a term of four years and are exercisable any time on or after the six month anniversary of the date they were issued, at an exercise price of $4.43 per share. The net proceeds of the offering were approximately $17.1 million after deducting the placement agency fee and all other estimated offering expenses.Research and Development Expense. Research and development expense was $8.1 million for the three months ended June 30, 2010 representing a decrease of approximately $5.4 million or 40% from $13.5 million for the three months ended June 30, 2009. The variance was primarily attributable to lower personnel costs associated with the workforce reduction completed in the fourth quarter of 2009, a decrease in consulting costs and a decrease in contract research and manufacturing costs due to the reduced activity within the Gaucher program.
General and Administrative Expense. General and administrative expense was $4.0 million for the three months ended June 30, 2010, representing a decrease of $1.2 million or 23% from $5.2 million for the three months ended June 30, 2009. The variance was primarily due to lower personnel costs associated with the workforce reduction completed in the fourth quarter of 2009 and a decrease in third party legal and consulting fees.
Interest Income and Interest Expense. Interest income was $0.04 million for the three months ended June 30, 2010, compared to $0.27 million for the three months ended June 30, 2009. The decrease of $0.23 million or 85% was due to lower effective interest rates and decreased cash and cash equivalents balances. Interest expense was approximately $0.1 million for the three months ended June 30, 2010 and 2009. Interest expense was incurred on the secured loan obtained in June 2009.
Research and Development Expense. Research and development expense was $17.0 million for the six months ended June 30, 2010 representing a decrease of approximately $8.3 million or 33% from $25.3 million for the six months ended June 30, 2009. The variance was primarily attributable to lower personnel costs associated with the workforce reduction completed in the fourth quarter of 2009, a decrease in consulting costs and a decrease in contract research and manufacturing costs due to the reduced activity within the Gaucher program.
General and Administrative Expense. General and administrative expense was $7.9 million for the six months ended June 30, 2010, representing a decrease of $2.5 million or 24% from $10.4 million for the six months ended June 30, 2009. The variance was primarily due to lower personnel costs associated with the workforce reduction completed in the fourth quarter of 2009 and a decrease in thir
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