Research and development expenses, including stock-based compensation expense, were $7.0 million for the third quarter of 2011, compared to $6.5 million for the third quarter of 2010, an increase of 7%. Research and development expenses, including stock-based compensation expense, were $21.6 million for the nine months ended September 30, 2011, compared to $20.0 million for the nine months ended September 30, 2010, an increase of 8%. These increases were primarily due to increased costs for personnel-related expenses and research and development supplies, partially offset by decreases in expenses for outsourced activities.

General and administrative expenses, including stock-based compensation expense, were $2.8 million for the third quarter of 2011, compared to $3.1 million for the third quarter of 2010, a decrease of 9%. General and administrative expenses, including stock-based compensation expense, were $8.3 million for the nine months ended September 30, 2011, compared to $9.5 million for the nine months ended September 30, 2010, a decrease of 12% The decreases were primarily attributable to decreases in payroll and related expenses and stock-based compensation expense.

The net loss for the third quarter of 2011 improved to $0.07 per share, compared to a net loss of $0.10 per share for the third quarter of 2010. The net loss for the nine months ended September 30, 2011 improved to $0.18 per share, compared to $0.27 per share for the nine months ended September 30, 2010.

Financial Outlook :

“As we are nearing the end of 2011, we have better visibility into our projected annual financial results,” said Tony Rogers, Vice President and Chief Financial Officer. “We are narrowing the range of the anticipated total 2011 revenue, which is within our previously provided guidance. We are forecasting that our expenses for the year will be lower than anticipated and our year-end cash balance will be at least $3 million higher than previously projected.”

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