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Amicus Therapeutics Announces Continued Progress on Global Phase 3 Program for Fabry Disease and Second Quarter 2010 Financial Results

Friday, August 6, 2010 Corporate News J E 4
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Enrollment for Phase 3 U.S. registration trial expected to complete by year end and results expected mid-2011; Phase 3 E.U. registration trial and Phase 2 trial of co-administration with enzyme replacement therapy expected to commence before year end

Table 1

Amicus Therapeutics, Inc.

(a development stage company)

Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share amounts)

Period from

February 4, 2002

(inception)

Three Months

Six Months

to

Ended June 30,

Ended June 30,

June 30,

2009

2010

2009

2010

            2010

Revenue:

Research revenue

$   4,667

$           -

$        8,580

$           -

$     31,108

Collaboration revenue

694

-

1,389

-

50,000

Total revenue

5,361

-

9,969

-

81,108

Operating Expenses:

Research and development

13,470

8,137

25,345

17,026

192,748

General and administrative

5,223

4,020

10,419

7,945

85,654

Restructuring charges

-

-

-

-

1,522

Impairment of leasehold improvements

-

-

-

-

1,030

Depreciation and amortization

519

529

1,024

1,066

7,485

In-process research and development

-

-

-

-

418

Total operating expenses

19,212

12,686

36,788

26,037

288,857

Loss from operations

(13,851)

(12,686)

(26,819)

(26,037)

(207,749)

Other income (expenses):

Interest income

269

35

795

88

13,845

Interest expense

(41)

(55)

(71)

(137)

(2,063)

Change in fair value of warrant liability

-

1,391

-

1,595

1,141

Other expense

-

-

-

-

(1,116)

Loss before tax benefit

(13,623)

(11,315)

(26,095)

(24,491)

(195,942)

Benefit from income   taxes

-

-

-

-

695

Net loss

(13,623)

(11,315)

(26,095)

(24,491)

(195,247)

Deemed dividend

-

-

-

-

(19,424)

Preferred stock accretion

-

-

-

-

(802)

Net loss attributable to common stockholders

$ (13,623)

$ (11,315)

$   (26,095)

$     (24,491)

$  (215,473)

Net loss attributable to common   stockholders per

common share – basic and diluted

$    (0.60)

$    (0.41)

$       (1.15)

$         (0.94)

Weighted-average common shares outstanding –

    basic and diluted

22,618,026

27,623,297

22,615,951

25,956,366

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