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Repligen Reports Financial Results For The Quarter And Nine-Month Fiscal Year Ended December 31, 2011

Repligen Corporation (NASDAQ:RGEN) today reported financial results for the quarter and nine-month fiscal year ended December 31, 2011. These results reflect significant accomplishments of the Company during the period, highlighted by the completion of our acquisition of Novozymes Biopharma Sweden AB on December 20, 2011 and the successful filing of the Company’s first new drug application (NDA) for SecreFlo™ on December 21, 2011. These results include acquisition related expenses of $2,300,000 in the third quarter as well as a $427,000 gain on bargain purchase as the recorded fair value of the assets acquired from Novozymes Biopharma AB exceeded the total purchase price of the acquisition.

Total revenue for the nine-month fiscal year ended December 31, 2011 was $23,450,000 compared to total revenue for the nine-month period ended December 31, 2010 of $21,385,000, an increase of 9.7%. Bioprocessing product revenue for the nine-month fiscal year ended December 31, 2011 was $13,215,000, an 11.9% increase over the nine-month period ended December 31, 2010 and royalty and other revenue was $10,235,000 for the nine-month fiscal year ended December 31, 2011, a 6.9% increase over the nine-month period ended December 31, 2010. Research and development expenses were $9,462,000 for the nine-month fiscal year ended December 31, 2011 compared to $8,745,000 for the nine-month period ended December 31, 2010. Selling, general and administrative expenses were $9,050,000 for the nine-month fiscal year ended December 31, 2011 compared to $5,580,000 for the nine-month period ended December 31, 2010.

Operating expenses for the nine-month fiscal year ended December 31, 2011 were $24,557,000 compared to operating expenses of $19,672,000 for the nine-month period ended December 31, 2010. Net loss for the nine-month fiscal year ended December 31, 2011 was $1,613,000, or $0.05 per diluted share compared to net income of $1,987,000 for the nine-month period ended December 31, 2010 or $0.06 per diluted share. Cash, cash equivalents and marketable securities as of December 31, 2011 were $36,025,000 compared to $61,503,000 as of March 31, 2011. The decrease is primarily due to the Company’s December 20, 2011 acquisition of Novozymes Biopharma Sweden AB for $22.1 million (€17 million) in an all cash transaction.

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