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Amicus Therapeutics Announces Full-Year 2012 Financial Results And Corporate Updates

Forward-Looking Statements

This press release contains, and the accompanying conference call will contain, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 relating to preclinical and clinical development of Amicus' candidate drug products, the timing and reporting of results from preclinical studies and clinical trials evaluating Amicus' candidate drug products, and the projected cash position for the Company. Words such as, but not limited to, "look forward to," "believe," "expect," "anticipate," "estimate," "intend," "potential," "plan," "targets," "likely," "will," "would," "should" and "could," and similar expressions or words identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions and uncertainties. The inclusion of forward-looking statements should not be regarded as a representation by Amicus that any of its plans will be achieved. Any or all of the forward-looking statements in this press release may turn out to be wrong. They can be affected by inaccurate assumptions Amicus might make or by known or unknown risks and uncertainties. For example, with respect to statements regarding the goals, progress, timing and outcomes of discussions with regulatory authorities and the potential goals, progress, timing and results of preclinical studies and clinical trials, actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in the business of Amicus, including, without limitation: the potential that results of clinical or pre-clinical studies indicate that the product candidates are unsafe or ineffective; the potential that it may be difficult to enroll patients in our clinical trials; the potential that regulatory authorities may not grant or may delay approval for our product candidates; the potential that preclinical and clinical studies could be delayed because we identify serious side effects or other safety issues; the potential that we will need additional funding to complete all of our studies and, our dependence on third parties in the conduct of our clinical studies. Further, the results of earlier preclinical studies and/or clinical trials may not be predictive of future results. With respect to statements regarding projections of the Company's cash position, actual results may differ based on market factors and the Company's ability to execute its operational and budget plans. In addition, all forward looking statements are subject to other risks detailed in our Annual Report on Form 10-K for the year ended December 31, 2012. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Amicus undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
Table 1           
Amicus Therapeutics, Inc.
(a development stage company)
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
          Period from
          February 4, 2002
  Three Months Twelve Months To
  Ended December 31, Ended December 31, Dec. 31,
  2011 2012 2011 2012 2012
Research revenue $3,970 $ -- $14,794 $11,591 $57,493
 Collaboration and milestone revenue 1,660 -- 6,640 6,820 64,382
Total revenue 5,630  -- 21,434 18,411 121,875
Operating Expenses:          
Research and development 14,401 11,047 50,856 50,273 315,893
General and administrative 3,917 4,455 19,880 19,364 132,613
Restructuring charges -- -- -- -- 1,522
Impairment of leasehold improvements -- -- -- -- 1,030
Depreciation and amortization 342 421 1,585 1,705 11,768
In-process research and development -- -- -- -- 418
Total operating expenses 18,660 15,923 72,321 71,342 463,244
Loss from operations (13,030) (15,923) (50,887) (52,931) (341,369)
Other income (expenses):          
Interest income 24 81 160 316 14,389
Interest expense (27) (12) (148) (89) (2,422)
Change in fair value of warrant liability  742 2,594 2,764 653 1,553
Other income -- -- 70 21 252
Loss before tax benefit (12,291) (13,260) (48,041) (52,030) (327,597)
Benefit from income taxes 3,629 3,245 3,629 3,245 8,708
Net loss (8,662) (10,015) (44,412) (48,785) (318,889)
Deemed dividend -- -- -- -- (19,424)
Preferred stock accretion -- -- -- -- (802)
Net loss attributable to common stockholders $(8,662) $(10,015) $(44,412) $(48,785) $(339,115)
Net loss attributable to common stockholders per common share – basic and diluted $(0.25) $(0.20) $(1.28) $(1.07)  
Weighted-average common shares outstanding – basic and diluted 34,643,722 49,477,596 34,569,642 45,565,217  

Table 2
Amicus Therapeutics, Inc.
(a development stage company)
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
  December 31, December 31,
  2011 2012
Current assets:    
Cash and cash equivalents $ 25,668 $ 33,971
Investments in marketable securities 30,034 65,151
Receivable due from GSK 5,043 3,225
Prepaid expenses and other current assets 5,903 2,270
Total current assets 66,648 104,617
Property and equipment, less accumulated depreciation and amortization of $9,507 and $8,501 at December 31, 2011 and 2012, respectively 2,438 5,029
Other non-current assets 709 442
Total Assets $ 69,795 $ 110,088
Liabilities and Stockholders' Equity    
Current liabilities:    
Accounts payable and accrued expenses $ 9,708 $ 8,845
Current portion of deferred reimbursements 8,504 --
Current portion of secured loan 1,044 398
Total current liabilities 19,256 9,243
Deferred reimbursements, less current portion 18,999 30,418
Warrant liability 1,948 908
Secured loan, less current portion -- 299
Commitments and contingencies    
Stockholders' equity:    
Common stock, $.01 par value, 125,000,000 shares authorized, 34,654,206 shares issued and outstanding at December 31, 2011,49,631,672 shares issued and outstanding at December 31, 2012 407 556
Additional paid-in capital 299,285 387,539
Accumulated other comprehensive income 4 14
Deficit accumulated during the development stage (270,104) (318,889)
Total stockholders' equity 29,592 69,220
Total Liabilities and Stockholders' Equity $ 69,795 $ 110,088

CONTACT: Investors/Media:
         Sara Pellegrino
         (609) 662-5044

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