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July 16, 2001
Diversa Corporation (Nasdaq: DVSA) today reported revenues
of $8.8 million for the quarter ended June 30, 2001, a 63%
increase over second quarter 2000 revenues, and $17.0 million
for the first half ended June 30, 2001, a 74% increase over
first half 2000 revenues. The net loss was $2.9 million, or
$0.08 per share, in the second quarter of 2001, compared to a
net loss of $637 thousand, or $0.02 per share, in the second
quarter of 2000. The net loss for the first half of 2001 was
$4.3 million, or $0.12 per share, compared to $6.6 million, or
$0.21 per share on a pro forma basis, for the first half of
2000. The year-to-date reported losses for 2001 and 2000 include
non-cash, stock-based compensation charges of $1.4 million and
$7.4 million, respectively.
The revenue increases for the quarter and year-to-date result
from the Company's new and expanded strategic collaboration
agreements. The two most significant components of second
quarter and year-to-date revenues are related to Zymetrics, the
Company's agricultural products joint venture with Syngenta
Seeds AG, and Innovase LLC, the Company's 50/50 industrial
enzyme joint venture with The Dow Chemical Company.
Total operating expenses for the quarter and year-to-date,
respectively, were $14.4 million and $27.2 million, compared to
$9.0 million and $20.5 million for the same periods in 2000.
Excluding non-cash, stock-based compensation charges, operating
expenses increased by $6.5 million and $12.6 million for the
quarter and year-to-date, respectively, compared to the same
periods
in 2000. These increases were primarily attributable to higher
research and development expenses as a result of expanded
research activities associated with the Company's collaborations
and increased investment in several key internal products and
technologies.
Interest and other income for the quarter and year-to-date,
respectively, were $2.7 million and $5.9 million, compared to
$3.1 million and $4.5 million for the same periods in 2000. The
year-to-date increase was primarily due to interest income as a
result of higher average cash balances following Diversa's
initial public offering in February 2000.
At June 30, 2001, the Company had cash, cash equivalents,
short-term investments and receivables totaling $206.7 million
compared to $211.8 million at December 31, 2000.
"In the first half of 2001 we have exceeded all of our financial
goals and have increased our intellectual property estate
through the issuance of 10 new patents," stated Jay M. Short,
Ph.D., President and Chief Executive Officer. "Additionally, we
have made significant advances in technology development,
including the introduction of Tunable GeneReassembly(TM) (TGR),
the automation of our GigaMatrix(TM) screening system, and the
completion of the sequencing of the Streptomyces diversa(TM)
genome. These combined technology developments have most
significantly impacted Diversa's pharmaceutical capabilities by
advancing our programs for small molecule drug discovery and
optimization of protein therapeutics and antibodies. They have
also allowed more rapid and efficient screening and increased
our capability to optimize products, which will assist Diversa
in achieving our commercialization goal of launching a total of
22 products by the end of 2004 and achieving profitability."
Diversa Corporation is a global leader in developing and
applying proprietary technologies to discover and evolve novel
genes and gene pathways from diverse environmental sources. The
Company is utilizing its fully integrated approach to develop
novel enzymes and other biologically active compounds, such as
orally active drugs, produced by these genes and gene pathways.
The
Company's proprietary evolution technologies facilitate the
optimization of genes to enable product solutions for the
pharmaceutical, agricultural, chemical processing, and
industrial markets. Within these broad markets, the Company is
targeting key multi-billion dollar market segments where it
believes its technologies and products will create high value
and competitive advantages for strategic partners and customers.
The Company's strategic partners are market leaders and include
Aventis Animal Nutrition S.A., Celanese Ltd., Celera Genomics,
Finnfeeds International Ltd (a unit of Danisco Cultor), The Dow
Chemical Company, GlaxoSmithKline plc, Invitrogen Corporation,
and Syngenta Agribusiness Biotechnology Research, Inc. The
Company has also formed joint ventures with The Dow Chemical
Company (named Innovase LLC) and with Syngenta Seeds AG (named
Zymetrics). Additional information is available at Diversa's
website: www.diversa.com.
Note: Diversa is a registered U.S. trademark, and
GeneReassembly, GigaMatrix, and Streptomyces diversa are U.S.
trademarks, of Diversa Corporation.
Company news release
N3654
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