REDWOOD CITY, Calif., June 9 /PRNewswire-FirstCall/ -- Genelabs Technologies, Inc. (Nasdaq: GNLB - News) announced today that, after its receipt of $12.5 million in up-front payments under its recently announced agreement with Novartis, Genelabs expects its June 30, 2006 cash and cash equivalents to be approximately $15 million. The mid-year cash level anticipated by the company accounts for costs related to closing the transaction and anticipated second quarter operating expenses. The company estimates that this cash balance together with anticipated funding under its hepatitis C virus collaborations with Novartis and Gilead, and in the absence of earning any milestones, would be sufficient to fund its current operations until approximately the beginning of 2008.
