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     <!-- Filing Type:    8k                                                               -->
     <!-- Client Name:    Genelabs Technologies, Inc.                                                      -->
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SECURITIES AND EXCHANGE COMMISSION<BR>WASHINGTON, D.C. 20549</B>  </FONT></TD></TR>
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CURRENT REPORT </B></FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Pursuant to Section 13 or 15(d) of the <BR>Securities Exchange Act of 1934  </FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>August 14, 2003</B></FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> (Date of earliest event reported) </FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>GENELABS TECHNOLOGIES, INC.</B></FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Exact name of registrant as specified in its charter)</FONT></TD></TR>
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<td Align=CENTER Width=33%><Font Face="Times New Roman, Times, Serif" Size=2><B>California</B> </font></td>
<td Align=CENTER Width=34%><Font Face="Times New Roman, Times, Serif" Size=2><B> 0-19222 </B> </font></td>
<td Align=CENTER Width=33%><Font Face="Times New Roman, Times, Serif" Size=2><B>94-3010150</B> </font></td>
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<td Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>(State or Other Jurisdiction <br>of Incorporation or Organization)
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<td Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>(Commission<br>File Number) </font></td>
<td Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>(IRS Employer<br> Identification No.) </font></td>
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     <TD WIDTH="75" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="350" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>505 Penobscot Drive, Redwood City, California </B></FONT></TD>
     <TD WIDTH="100" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>94063</B></FONT></TD>
     <TD WIDTH="75" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(650) 369-9500</B></FONT></TD></TR>
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     <TD WIDTH="15%" ALIGN="left" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 7.</FONT></TD>
     <TD WIDTH=85% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBITS</FONT></TD></TR>
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     <TD WIDTH="15%" ALIGN="CENTER" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1</FONT></TD>
     <TD WIDTH=85% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press Release of Registrant,
dated August 14, 2003, entitled "Genelabs<BR> Technologies, Inc. Reports
Second Quarter and Six Month 2003 Financial Results."</FONT></TD></TR>
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     <TD WIDTH="15%" ALIGN="left" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 12.</FONT></TD>
     <TD WIDTH=85% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RESULTS OF OPERATIONS AND FINANCIAL CONDITION </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On August 14, 2003, Genelabs Technologies, Inc., a California corporation (&#147;Registrant&#148;),
announced its 2003 second quarter and six month financial results. The text of the press
release is furnished as Exhibit 99.1 to this Form 8-K.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned, thereto duly
authorized.  </FONT></TD></TR>
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    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="254"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">GENELABS TECHNOLOGIES, INC. </FONT></TD>
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    <TD WIDTH="219"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE--> </FONT></TD>
    <TD WIDTH="28"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="26"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: </FONT></TD>
    <TD WIDTH="238"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">/s/ Matthew M. Loar  </FONT></TD>
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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
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    <TD WIDTH="344"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="42"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name:&nbsp;</FONT></TD>
    <TD WIDTH="214"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Matthew M. Loar  </FONT></TD>
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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title: &nbsp;</FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Chief Financial Officer</FONT></TD>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date:
 August 14, 2003 </FONT></P></TD></TR>
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     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>EXHIBIT NO.</U></FONT></Td>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>DESCRIPTION</U></FONT></Td></TR>
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     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   &nbsp; </FONT></Td>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></Td></TR>

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     <TD WIDTH="15%" ALIGN="CENTER" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1</FONT></TD>
     <TD WIDTH=85% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press Release of Registrant,
dated August 14, 2003, entitled "Genelabs<BR> Technologies, Inc. Reports
Second Quarter and Six Month 2003 Financial Results."</FONT></TD></TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT 99.1
&#150; PRESS RELEASE </FONT></P></TD></TR>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GENELABS
TECHNOLOGIES, INC. REPORTS SECOND QUARTER <BR> AND
SIX MONTH 2003 FINANCIAL RESULTS </FONT></H1></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REDWOOD
CITY, Calif. &#150; August 14, 2003 &#150; Genelabs Technologies, Inc. (Nasdaq:GNLB) today
reported revenues of $0.8 million and a net loss of $4.3 million, or $0.07 per share, for
the quarter ended June 30, 2003. This compares to revenues of $1.0 million and a net loss
of $4.2 million, or $0.08 per share, for the second quarter 2002. Revenues for the
six-month period ended June 30, 2003 were $1.5 million and the net loss was $8.5 million,
or $0.15 per share, compared to revenues of $2.0 million and a net loss of $7.8 million,
or $0.16 per share, for the six-month period ended June 30, 2002. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At
June 30, 2003, Genelabs had $4.8 million in cash and short-term investments. After the end
of the second quarter, on August 1, 2003, Genelabs completed the sale of 1,666,667 shares
of its common stock at a price of $1.595 per share for gross proceeds of $2,658,333. In
connection with the sale, Genelabs also issued warrants to purchase an additional
1,666,667 shares of Genelabs common stock at an exercise price of $1.50 per share. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Separately,
Genelabs announced the issuance of an additional U.S. patent, Patent No. 6,605,591,
&#147;Treatment of Subnormal Bone Mineral Density,&#148; issued on August 12, 2003. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Our
progress since the beginning of the second quarter of 2003 has been gratifying. We closed
two private placements with high quality investors, raising an aggregate of approximately
$10.8 million, supporting our groundbreaking clinical development of Prestara&#153; for
lupus and our hepatitis C virus research. Our drug development team is working under the
new leadership of Mumtaz Ahmed, M.D., Ph.D., a senior drug development executive with
substantial experience conducting successful clinical trials. We continue to target the
end of September 2003 to complete patient enrollment in our confirmatory phase III
clinical trial measuring the effect of Prestara on the bone mineral density of women with
lupus. We also have two U.S. patents that recently issued based on the results from our
Prestara clinical trials, adding to our intellectual property portfolio,&#148; stated
Irene A. Chow, Ph.D., chairman and chief executive officer. &#147;In research, our drug
discovery team has generated novel nucleoside and non-nucleoside lead compounds that have
potent activity in our hepatitis C virus assays, and we are in the process of optimizing
selected compounds. Because of the progress we are making in the clinics and in our lab,
our business development team is advancing our partnering discussions for licensing of
European and Japanese rights to Prestara and for collaborating on our hepatitis C virus
drug discovery research program. I am excited about Genelabs&#146; prospects.&#148; </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Genelabs
also announced the retirement of Thomas E. Dewey, Jr., 70, from its board of directors.
Mr. Dewey has been a member of Genelabs&#146; board of directors since January 1999 and is
a senior investment banker and financial advisor with McFarland Dewey &amp; Co., LLC, an
investment banking firm in New York City. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;My
fellow board members join me in thanking Tom for his dedication and contribution to
Genelabs over the past four and a half years,&#148; stated Dr. Chow. &#147;We are grateful
for his service and wish him the best.&#148; </FONT></TD></TR></TABLE><BR>


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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>About Genelabs</U> <BR>Genelabs
Technologies, Inc. is a biopharmaceutical company pioneering the discovery and development
of novel pharmaceutical products to improve human health. We have built drug discovery and
clinical development capabilities that can support various research and development
projects. We are concentrating our capabilities on developing a late-stage product for
lupus and discovering novel lead compounds that selectively inhibit replication of the
hepatitis C virus (HCV). Through our drug discovery efforts we have synthesized numerous
antimicrobial lead compounds, one of which has been selected for preclinical development,
and are using high-throughput methods for the discovery of novel lead compounds for HCV.
Our clinical development efforts are concentrated on Prestara&#153; (prasterone;
Anastar&#153; in Europe) for systemic lupus erythematosus, for which we have received an
approvable letter from the U.S. Food and Drug Administration and for which we have
submitted a Marketing Authorization Application in Europe. For more information about
Genelabs, please visit www.genelabs.com. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOTE:
This press release contains forward-looking statements including statements regarding the
enrollment for our clinical trial of Prestara&#153; for systemic lupus erythematosus, our
research progress, and the status of our licensing and collaboration discussions. These
forward-looking statements are based on Genelabs&#146; current expectations and are
subject to uncertainties and risks that could cause actual results to differ materially
from the statements made. Uncertainties and risks include, without limitation, the
company&#146;s capital requirements and history of operating losses; whether the results
of the company&#146;s clinical trials of Prestara&#153; and other supporting information
will be sufficient to support the approval of Prestara&#153; by the FDA, the European
Agency for Evaluation of Medicinal Products and other regulatory authorities; delays
regarding the regulatory approval process including the timing and scope of approval
received, if any; uncertainties and risks regarding market acceptance of Prestara&#153; as
a treatment for systemic lupus erythematosus (SLE or lupus); uncertainties and risks
regarding the company&#146;s ability to consummate strategic or corporate partner
transactions on favorable terms or at all; the early stage of Genelabs&#146; research
programs and uncertainties associated with the preclinical development of compounds,
including whether a compound will advance to preclinical testing, clinical trials, or
ultimately become a product, and the uncertainty of the timing of any of these; and the
validity, scope and enforceability of patents related to the company&#146;s technologies.
The active ingredient in Prestara&#153; is prasterone, the synthetic equivalent of the
androgenic hormone dehydroepiandrosterone (DHEA). Products containing DHEA are currently
being marketed by others as dietary supplements. The company has not submitted
applications for regulatory review of Prestara&#153; outside the U.S. and Europe. In
addition, neither U.S. nor other regulatory authorities have made a determination as to
the safety or efficacy of Prestara&#153; for SLE. Please see the information appearing in
the company&#146;s filings with the Securities and Exchange Commission, including the most
recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K, under the captions
&#147;Risk Factors,&#148; &#147;Business Risks&#148; and &#147;Forward-Looking
Statements&#148; for more discussion regarding these uncertainties and risks and others
associated with the company&#146;s research programs, early stage of development and other
risks which may affect the company or cause actual results to differ from those included
in the forward-looking statements. Genelabs does not undertake any obligation to update
these forward-looking statements or risks to reflect events or circumstances after the
date of this release. </FONT></TD></TR></TABLE><BR>

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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GENELABS
TECHNOLOGIES, INC. <BR> CONDENSED CONSOLIDATED BALANCE SHEETS  <BR>
(in thousands) </FONT></H1></TD></TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <Td COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></Td>
     <Td ALIGN=center COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>June 30,<BR>
2003</FONT><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></Td>
     <Td ALIGN=center  COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>December 31,<BR>
2002</FONT><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></Td></TR>
<TR VALIGN=Bottom>
     <Td COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <Td ALIGN=center  COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  (Unaudited)</FONT></Td>
     <Td COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></Td></TR>

<TR VALIGN=Bottom>
     <Td COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></Td>
     <Td ALIGN=center  COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  &nbsp;</FONT></Td>
     <Td COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></Td></TR>

<TR VALIGN=Bottom>
     <TD WIDTH=64% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash, cash equivalents and short-term investments:</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$4,753</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$6,570</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other current assets</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>763</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>929</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Property and equipment, net</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,095</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,306</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Long-term investments</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>960</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>960</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2 ALIGN=center><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD COLSPAN=2 ALIGN=center><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$7,571</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$9,765</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2 ALIGN=center><HR WIDTH=80% SIZE=2 COLOR=BLACK NOSHADE></TD>
     <TD COLSPAN=2 ALIGN=center><HR WIDTH=80% SIZE=2 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total liabilities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$5,894</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$7,051</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholders' equity</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,677</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,714</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2 ALIGN=center><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD COLSPAN=2 ALIGN=center><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$7,571</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$9,765</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2 ALIGN=center><HR WIDTH=80% SIZE=2 COLOR=BLACK NOSHADE></TD>
     <TD COLSPAN=2 ALIGN=center><HR WIDTH=80% SIZE=2 COLOR=BLACK NOSHADE></TD></TR>
</TABLE>



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<BR>


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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GENELABS
TECHNOLOGIES, INC. <BR> CONSOLIDATED STATEMENTS OF
OPERATIONS <BR> (in thousands, except per share amounts)<BR>(Unaudited) </FONT></H1></TD></TR>
</TABLE>
<BR>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <Td colspan=2 ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the three months &nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;<BR>
ended June 30,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></Td>
     <Td colspan=2 ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the six months  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
ended June 30,&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; </FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></Td>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></Td></tr>


<TR VALIGN=Bottom>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></Td>
     <Td ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;&nbsp;</FONT><HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></Td>
     <Td  ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;&nbsp;</FONT><HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></Td>
     <Td  ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;&nbsp;</FONT><HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></Td>
     <Td ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;&nbsp;</FONT><HR WIDTH=72% SIZE=1 COLOR=BLACK NOSHADE></Td>




     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=51% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Contract revenue</FONT></TD>
     <TD WIDTH=13% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776&nbsp;</FONT></TD>
     <TD WIDTH=13% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991&nbsp;</FONT></TD>
     <TD WIDTH=13% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;1,503&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;2,022&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
   <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=72% SIZE=1 COLOR=BLACK NOSHADE></TD></tr>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating expenses:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,771&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,958&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,328&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,338&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,489&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,568&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,880&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,934&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
   <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=72% SIZE=1 COLOR=BLACK NOSHADE></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,260&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,526&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,208&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,272&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
   <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=72% SIZE=1 COLOR=BLACK NOSHADE></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating loss</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,484)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,535)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8,705)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8,250)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest income, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>192&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
   <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=72% SIZE=1 COLOR=BLACK NOSHADE></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loss from continuing operations</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,474)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,415)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8,674)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8,058)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income from discontinued operations of</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>diagnostic subsidiary</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>194&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>183&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>194&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>259&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
   <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=72% SIZE=1 COLOR=BLACK NOSHADE></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net loss</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$(4,280)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$(4,232)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$(8,480)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$(7,799)</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=2 COLOR=BLACK NOSHADE></TD>
   <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=2 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=2 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=72% SIZE=2 COLOR=BLACK NOSHADE></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loss per share from continuing operations</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;(0.08)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;(0.09)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;(0.15)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;(0.16)</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=2 COLOR=BLACK NOSHADE></TD>
   <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=2 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=2 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=72% SIZE=2 COLOR=BLACK NOSHADE></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net loss per share</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;(0.07)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;(0.08)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;(0.15)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;(0.16)</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=2 COLOR=BLACK NOSHADE></TD>
   <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=2 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=2 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=72% SIZE=2 COLOR=BLACK NOSHADE></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Weighted average shares outstanding</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58,617&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,850&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56,005&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,849&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=2 COLOR=BLACK NOSHADE></TD>
   <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=2 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=60% SIZE=2 COLOR=BLACK NOSHADE></TD>
 <TD colspan=1 ALIGN=RIGHT> <HR WIDTH=72% SIZE=2 COLOR=BLACK NOSHADE></TD></tr>
</TABLE>
















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{"company-data": {"conformed-name": "GENELABS TECHNOLOGIES INC /CA", "cik": "0000874443", "assigned-sic": "2834", "irs-number": "943010150", "state-of-incorporation": "CA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-19222", "film-number": "03846065"}, "business-address": {"street1": "505 PENOBSCOT DR", "city": "REDWOOD CITY", "state": "CA", "zip": "94063", "phone": "6503969500"}, "mail-address": {"street1": "505 PENOBSCOT DR", "city": "REDWOOD CITY", "state": "CA", "zip": "94063"}}
8K Form
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
August 14, 2003
(Date of earliest event reported)
GENELABS TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
California
0-19222
94-3010150
(State or Other Jurisdiction
of Incorporation or Organization)
(Commission
File Number)
(IRS Employer
Identification No.)
505 Penobscot Drive, Redwood City, California
94063
(Address of Principal Executive Offices)
(Zip Code)
(650) 369-9500
(Registrant's Telephone Number, including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
ITEM 7.
EXHIBITS
99.1
Press Release of Registrant,
dated August 14, 2003, entitled "Genelabs
Technologies, Inc. Reports
Second Quarter and Six Month 2003 Financial Results."
ITEM 12.
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On August 14, 2003, Genelabs Technologies, Inc., a California corporation ("Registrant"),
announced its 2003 second quarter and six month financial results. The text of the press
release is furnished as Exhibit 99.1 to this Form 8-K.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned, thereto duly
authorized.
GENELABS TECHNOLOGIES, INC.
By:
/s/ Matthew M. Loar
Name:
Matthew M. Loar
Title:
Chief Financial Officer
Date:
 August 14, 2003
EXHIBIT INDEX
EXHIBIT NO.
DESCRIPTION
99.1
Press Release of Registrant,
dated August 14, 2003, entitled "Genelabs
Technologies, Inc. Reports
Second Quarter and Six Month 2003 Financial Results."
EXHIBIT 99.1
– PRESS RELEASE
EXHIBIT 99.1
GENELABS
TECHNOLOGIES, INC. REPORTS SECOND QUARTER
AND
SIX MONTH 2003 FINANCIAL RESULTS
REDWOOD
CITY, Calif. – August 14, 2003 – Genelabs Technologies, Inc. (Nasdaq:GNLB) today
reported revenues of $0.8 million and a net loss of $4.3 million, or $0.07 per share, for
the quarter ended June 30, 2003. This compares to revenues of $1.0 million and a net loss
of $4.2 million, or $0.08 per share, for the second quarter 2002. Revenues for the
six-month period ended June 30, 2003 were $1.5 million and the net loss was $8.5 million,
or $0.15 per share, compared to revenues of $2.0 million and a net loss of $7.8 million,
or $0.16 per share, for the six-month period ended June 30, 2002.
At
June 30, 2003, Genelabs had $4.8 million in cash and short-term investments. After the end
of the second quarter, on August 1, 2003, Genelabs completed the sale of 1,666,667 shares
of its common stock at a price of $1.595 per share for gross proceeds of $2,658,333. In
connection with the sale, Genelabs also issued warrants to purchase an additional
1,666,667 shares of Genelabs common stock at an exercise price of $1.50 per share.
Separately,
Genelabs announced the issuance of an additional U.S. patent, Patent No. 6,605,591,
"Treatment of Subnormal Bone Mineral Density," issued on August 12, 2003.
"Our
progress since the beginning of the second quarter of 2003 has been gratifying. We closed
two private placements with high quality investors, raising an aggregate of approximately
$10.8 million, supporting our groundbreaking clinical development of Prestara™ for
lupus and our hepatitis C virus research. Our drug development team is working under the
new leadership of Mumtaz Ahmed, M.D., Ph.D., a senior drug development executive with
substantial experience conducting successful clinical trials. We continue to target the
end of September 2003 to complete patient enrollment in our confirmatory phase III
clinical trial measuring the effect of Prestara on the bone mineral density of women with
lupus. We also have two U.S. patents that recently issued based on the results from our
Prestara clinical trials, adding to our intellectual property portfolio," stated
Irene A. Chow, Ph.D., chairman and chief executive officer. "In research, our drug
discovery team has generated novel nucleoside and non-nucleoside lead compounds that have
potent activity in our hepatitis C virus assays, and we are in the process of optimizing
selected compounds. Because of the progress we are making in the clinics and in our lab,
our business development team is advancing our partnering discussions for licensing of
European and Japanese rights to Prestara and for collaborating on our hepatitis C virus
drug discovery research program. I am excited about Genelabs' prospects."
Genelabs
also announced the retirement of Thomas E. Dewey, Jr., 70, from its board of directors.
Mr. Dewey has been a member of Genelabs' board of directors since January 1999 and is
a senior investment banker and financial advisor with McFarland Dewey & Co., LLC, an
investment banking firm in New York City.
"My
fellow board members join me in thanking Tom for his dedication and contribution to
Genelabs over the past four and a half years," stated Dr. Chow. "We are grateful
for his service and wish him the best."
About Genelabs
Genelabs
Technologies, Inc. is a biopharmaceutical company pioneering the discovery and development
of novel pharmaceutical products to improve human health. We have built drug discovery and
clinical development capabilities that can support various research and development
projects. We are concentrating our capabilities on developing a late-stage product for
lupus and discovering novel lead compounds that selectively inhibit replication of the
hepatitis C virus (HCV). Through our drug discovery efforts we have synthesized numerous
antimicrobial lead compounds, one of which has been selected for preclinical development,
and are using high-throughput methods for the discovery of novel lead compounds for HCV.
Our clinical development efforts are concentrated on Prestara™ (prasterone;
Anastar™ in Europe) for systemic lupus erythematosus, for which we have received an
approvable letter from the U.S. Food and Drug Administration and for which we have
submitted a Marketing Authorization Application in Europe. For more information about
Genelabs, please visit www.genelabs.com.
NOTE:
This press release contains forward-looking statements including statements regarding the
enrollment for our clinical trial of Prestara™ for systemic lupus erythematosus, our
research progress, and the status of our licensing and collaboration discussions. These
forward-looking statements are based on Genelabs' current expectations and are
subject to uncertainties and risks that could cause actual results to differ materially
from the statements made. Uncertainties and risks include, without limitation, the
company's capital requirements and history of operating losses; whether the results
of the company's clinical trials of Prestara™ and other supporting information
will be sufficient to support the approval of Prestara™ by the FDA, the European
Agency for Evaluation of Medicinal Products and other regulatory authorities; delays
regarding the regulatory approval process including the timing and scope of approval
received, if any; uncertainties and risks regarding market acceptance of Prestara™ as
a treatment for systemic lupus erythematosus (SLE or lupus); uncertainties and risks
regarding the company's ability to consummate strategic or corporate partner
transactions on favorable terms or at all; the early stage of Genelabs' research
programs and uncertainties associated with the preclinical development of compounds,
including whether a compound will advance to preclinical testing, clinical trials, or
ultimately become a product, and the uncertainty of the timing of any of these; and the
validity, scope and enforceability of patents related to the company's technologies.
The active ingredient in Prestara™ is prasterone, the synthetic equivalent of the
androgenic hormone dehydroepiandrosterone (DHEA). Products containing DHEA are currently
being marketed by others as dietary supplements. The company has not submitted
applications for regulatory review of Prestara™ outside the U.S. and Europe. In
addition, neither U.S. nor other regulatory authorities have made a determination as to
the safety or efficacy of Prestara™ for SLE. Please see the information appearing in
the company's filings with the Securities and Exchange Commission, including the most
recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K, under the captions
"Risk Factors," "Business Risks" and "Forward-Looking
Statements" for more discussion regarding these uncertainties and risks and others
associated with the company's research programs, early stage of development and other
risks which may affect the company or cause actual results to differ from those included
in the forward-looking statements. Genelabs does not undertake any obligation to update
these forward-looking statements or risks to reflect events or circumstances after the
date of this release.
GENELABS
TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30,
2003
December 31,
2002
(Unaudited)
Cash, cash equivalents and short-term investments:
$4,753
$6,570
Other current assets
763
929
Property and equipment, net
1,095
1,306
Long-term investments
960
960
$7,571
$9,765
Total liabilities
$5,894
$7,051
Shareholders' equity
1,677
2,714
$7,571
$9,765
GENELABS
TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
For the three months
ended June 30,
For the six months
ended June 30,
2003
2002
2003
2002
Contract revenue
$      776
$      991
$   1,503
$   2,022
Operating expenses:
Research and development
3,771
3,958
7,328
7,338
General and administrative
1,489
1,568
2,880
2,934
Total operating expenses
5,260
5,526
10,208
10,272
Operating loss
(4,484)
(4,535)
(8,705)
(8,250)
Interest income, net
10
120
31
192
Loss from continuing operations
(4,474)
(4,415)
(8,674)
(8,058)
Income from discontinued operations of
diagnostic subsidiary
194
183
194
259
Net loss
$(4,280)
$(4,232)
$(8,480)
$(7,799)
Loss per share from continuing operations
$  (0.08)
$  (0.09)
$  (0.15)
$  (0.16)
Net loss per share
$  (0.07)
$  (0.08)
$  (0.15)
$  (0.16)
Weighted average shares outstanding
58,617
49,850
56,005
49,849