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Entelos Makes Post IPO Report

By John Russell

Oct. 16, 2006 | Here comes the public scrutiny. After netting $16.6 million in a public offering on London's Alternative Investment Market last April, Entelos released interim six-month results in the middle of September. The biosimulation specialist reported revenues of $15.2 million and income of roughly $5.3 million.

In the chairman and CEO review section of the report, Entelos said a substantial portion of the revenue, "most of which was reflected as deferred revenue on the Company's previous year-end, resulted from progress achieved on a large multi-year contract." The company reported $4 million of the IPO was used to pay down debt, and indicated current cash and short-term investments totaled $15.8 million at the end of June.

Collaborations singled out for notice included a five-year extension of its deal with Johnson & Johnson; a two-year collaboration with Roche in metabolic diseases; establishment of an in silico Type 1 Diabetes center with the American Diabetes Association; progress with Unilever, Pfizer, and Lilly; and a "post-period" deal with Novartis in multiple disease areas.

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