PCOP » Topics » Net cash provided by operating activities

This excerpt taken from the PCOP 10-Q filed Aug 2, 2007.

Net cash provided by operating activities

Net cash provided by operating activities for the six months ended June 30, 2007 resulted primarily from the receipts of a $5.0 million up-front non-refundable payment received in January 2007 relating to the Wyeth Agreement, a $15.0 million up-front non-refundable payment received in February 2007 in connection with the Organon Agreement, and a $5.0 million payment received in June 2007 related to the second tranche of research funding under the GSK Agreement, offset by cash used to fund both our proprietary internal drug research and development efforts, including our Phase 1 clinical trials for PS433540, and the fulfillment of our research and development performance obligations under our collaborations. Absent the receipt of the $25.0 million from Wyeth, Organon and GSK, our net cash used in operating activities would have been approximately $15.0 million.

Net cash provided by operating activities for the six months ended June 30, 2006 was primarily due to the receipts of a $5.0 million up-front payment received in April 2006 relating to the GSK Agreement and a $15.0 million up-front non-refundable payment received in June 2006 relating to the Cephalon Agreement, offset by cash used to fund both our proprietary internal drug research and preclinical development efforts and the fulfillment of our research and development performance obligations under our collaborations, as well as the payment of restructuring expenses related to the 2004 consolidation of our facilities. Absent the receipt of the $20.0 million from GSK and Cephalon, our net cash used in operating activities would have been approximately $10.3 million.

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