Galapagos' first-half net loss narrows 44%

Belgian drug discovery firm Galapagos NV's first-half 2008 revenues increased to 33.6 million euros ($50.4 million), a 30% advance, as net loss narrowed 44% to 9.4 million euros.

Income at the firm's R&D division more than doubled to 14.2 million euros from 5.8 million euros in the same period last year, while 23.7 million euros was earned by its BioFocus DPI unit, a 10% year-on-year rise in the first half of 2008, excluding currency effects of 7.5%.

Management reiterates full-year revenue guidance of 75.0 million euros to 80.0 million euros, a 14%-21% increase in annual consolidated sales over 2007. The company maintained guidance for R&D expenditures of 50.0 million euros, while predicting cash burn of 25.0 million euros with no need to raise further capital for the next 18 months.