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Repligen Reports Third Quarter 2012 Financial Results

Conference Call

Repligen will host a conference call and webcast today, November 8, 2012, at 9:00 a.m. EST, to discuss its third quarter and year-to-date 2012 financial results and corporate developments. The live call can be accessed by dialing (800) 260-8140 for domestic callers or (617) 614-3672 for international callers. Dial-in participants must provide the passcode 85324503. Alternatively, an audio webcast will be accessible via the Investors section of Repligen’s website Both the conference call and webcast will be archived for a period of time following the live event. The replay dial-in numbers are (888) 286-8010 for domestic callers and (617) 801-6888 for international callers. Replay listeners must provide the passcode 97138968.

About Repligen Corporation

Repligen Corporation is a life sciences company focused on the development, production and commercialization of high-value consumable products used in the process of manufacturing biological drugs. Our bioprocessing products are sold to major life sciences and biopharmaceutical companies worldwide. We are a leading manufacturer of Protein A, a critical reagent used during the production of monoclonal antibody therapeutics. We also supply several growth factor products used to increase cell culture productivity during fermentation. In the burgeoning area of disposable biomanufacturing technologies, we have developed and market a series of OPUS ® pre-packed chromatography columns for use in clinical-stage and/or niche biologics manufacturing. In addition to our core bioprocessing business, we have a portfolio of clinical-stage partnering assets, including our pancreatic imaging agent in Phase 3 development and two central nervous system orphan drug candidates. Repligen’s corporate headquarters are located in Waltham, MA, USA; we have an additional manufacturing facility in Lund, Sweden. For more information, please visit our website at

This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that statements in this press release which are not strictly historical statements, constitute forward-looking statements, including, without limitation, express or implied statements regarding future financial performance and position, our strategic decision to focus on the growth of our bioprocessing business, the future demand for our bioprocessing products, plans and objectives for future operations, our ability to successfully negotiate and consummate partnering transactions for our clinical stage assets, specifically RG1068, RG3039 and RG2833, plans and objectives for product development and acquisitions, our market share and product sales and other statements identified by words like “believe,” “expect,” “may,” “will,” “should,” “seek,” or “could” and similar expressions. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks associated with: our ability to successfully grow our bioprocessing business; including as a result of acquisition, commercialization or partnership opportunities; our ability to successfully negotiate and consummate development and commercialization partnerships for our portfolio of clinical-stage assets on acceptable terms, if at all; our ability to develop and commercialize products and the market acceptance of our products; reduced demand for our products that adversely impacts our future revenues, cash flows, results of operations and financial condition; the success of current and future collaborative or supply relationships; our ability to compete with larger, better financed bioprocessing, pharmaceutical and biotechnology companies; our ability to successfully integrate Repligen Sweden AB; new approaches to the treatment of our targeted diseases; our ability to obtain, maintain and protect intellectual property rights for our products; the risk of litigation regarding our intellectual property rights; our limited sales capabilities; our volatile stock price; and other risks detailed in Repligen’s Annual Report on Form 10-K on file with the Securities and Exchange Commission and the other reports that Repligen periodically files with the Securities and Exchange Commission. Actual results may differ materially from those Repligen contemplated by these forward-looking statements. These forward looking statements reflect management’s current views and Repligen does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date hereof except as required by law.
Three months ended September 30, Nine months ended September 30,
2012 2011 2012 2011
Product revenue $ 11,123,236 $ 5,741,920 $ 32,125,076 $ 13,250,840
Royalty and other revenue   3,981,059     2,889,458     11,327,500     8,940,648  
Total revenue 15,104,295 8,631,378 43,452,576 22,191,488
Operating expenses:
Cost of product revenue 6,418,962 2,092,815 19,036,762 5,038,713
Cost of royalty and other revenue 594,406 418,419 1,593,427 1,211,180
Research and development 2,433,043 3,074,625 8,147,164 10,376,357
Selling, general and administrative 3,126,244 2,493,093 9,973,013 7,220,847
Contingent consideration - fair value adjustments 343,932 - 343,932 -
Gain on bargain purchase   -     -     (314,244 )   -  
Total operating expenses   12,916,587     8,078,952     38,780,054     23,847,097  
Income (loss) from operations 2,187,708 552,426 4,672,522 (1,655,609 )
Investment income 95,807 52,247 156,747 187,482
Interest expense 7,205 - (42,536 ) (13,484 )
Other (expense) income   (500,414 )   -     67,145     -  
Income (loss) before income taxes 1,790,306 604,673 4,853,878 (1,481,611 )
Income tax (benefit) provision   (16,183 )   -     250,954     -  
Net income (loss) $ 1,806,489   $ 604,673   $ 4,602,924   $ (1,481,611 )
Earnings (loss) per share:
Basic $ 0.06   $ 0.02   $ 0.15   $ (0.05 )
Diluted $ 0.06   $ 0.02   $ 0.15   $ (0.05 )
Weighted average shares outstanding:
Basic   30,948,062     30,796,797     30,841,344     30,800,510  
Diluted   31,256,273     30,933,832     31,131,749     30,800,510  
Comprehensive income (loss) $ 3,913,569   $ 607,360   $ 6,068,700   $ (1,478,924 )
Balance Sheet Data: Sept. 30, 2012 Dec. 31, 2011
Cash, cash equivalents and marketable securities* $ 42,725,048 $ 36,024,531
Working capital 44,756,925 39,431,285
Total assets 84,896,632 76,056,814
Long-term obligations 2,156,867 2,606,293
Accumulated deficit (114,686,061 ) (119,306,614 )
Stockholders' equity 73,703,980 65,987,000
*does not include restricted cash

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