8-K

UNITED STATES
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

Date of Report (Date of earliest event reported) November 13, 2008

GENELABS TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

California	0-19222	94-3010150
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

505 Penobscot Drive, Redwood City, California	94063
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (650) 369-9500

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2. below):

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

EX-99.01

Item 2.02 Results of Operations and Financial Condition.

     On November 13, 2008, Genelabs Technologies, Inc. announced its financial results for the third quarter and first nine months of 2008. A copy of the related press release is furnished as Exhibit 99.01 hereto.

The information in this Form 8-K (including Exhibit 99.01) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit
Number	Description
99.01	Press Release, dated November 13, 2008, entitled “Genelabs Reports Results for the Third Quarter and First Nine Months of 2008.”

SIGNATURES

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/ Frederick W. Driscoll Name: Frederick W. Driscoll

Title:   President and Chief Executive Officer

Date: November 13, 2008

EXHIBIT INDEX

Exhibit
Number	Description
99.01	Press Release of Genelabs Technologies, Inc., dated November 13, 2008

EX-99.01

Exhibit 99.01

GENELABS REPORTS RESULTS FOR THE THIRD QUARTER
AND FIRST NINE MONTHS OF 2008

REDWOOD CITY, Calif. – November 13, 2008 — Genelabs Technologies, Inc. (Nasdaq:GNLB), a biopharmaceutical company focused on the discovery and development of novel compounds for infectious diseases, reported financial results for the third quarter and nine months ended September 30, 2008.

Genelabs reported revenues of $0.3 million and a net loss of $4.9 million, or $0.11 per share, for the third quarter of 2008. This compares to revenues of $4.6 million and a net loss of $0.1 million, or $0.00 per share, for the third quarter of 2007. Revenues for the first nine months of 2008 were $7.4 million, and the net loss was $9.9 million, or $0.23 per share, compared to revenues of $12.9 million and a net loss of $1.0 million, or $0.03 per share, for the first nine months of 2007.

Genelabs had $24.1 million in cash and cash equivalents at September 30, 2008 as compared to $37.6 million at December 31, 2007 and $31.8 million at March 31, 2008.

Genelabs’ revenue decreased in the third quarter and first nine months of 2008 compared to the same periods in 2007 as a result of lower overall contract revenue recorded under our HCV collaborations after we completed our research obligations under the agreements. Operating expenses increased in the 2008 periods primarily due to higher personnel, legal, financial advisory and depreciation expenses. Additionally, during the first quarter of 2007, a gain of $1.2 million was recorded on the disposition of our investment in Genovate Biotechnology Co., Ltd. with no similar transaction occurring in 2008.

About Genelabs Technologies

Genelabs Technologies, Inc. is a biopharmaceutical company engaged in the discovery and development of pharmaceutical products to improve human health. Our primary business objective is to translate research into novel therapeutics for disease areas with significant unmet medical needs. Currently, our product pipeline consists of infectious disease projects focused on HCV infection as well as a late-stage clinical asset for HEV that is being developed by GlaxoSmithKline. For more information, please visit www.genelabs.com.

NOTE ON FORWARD LOOKING STATEMENTS AND RISKS:

This press release contains forward-looking statements regarding Genelabs’ business strategy and our ability to successfully advance our infectious disease pipeline. These statements are based on Genelabs’ current expectations and are subject to uncertainties and risks that could cause actual results to differ materially. Uncertainties and risks include, without limitation, failures or setbacks in our HCV research programs or in our collaboration with GlaxoSmithKline. Please also refer to the Company’s periodic reports filed with the Securities and Exchange Commission. Genelabs does not undertake any obligation to update or revise forward-looking statements in this press release.

Contact: Frederick Driscoll
President and Chief Executive Officer
650-562-1477

-Financials to Follow-

GENELABS TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

	September 30,		December 31,
	2008		2007
	(Unaudited)		(Note 1)
Assets
Cash and cash equivalents	$	24,091	$	37,575
Other current assets		231		2,353
Property and equipment, net		3,278		2,854
Long-term deposit		112		112
	$	27,712	$	42,894
Liabilities and Shareholders’ Equity
Liabilities, including unearned contract revenue	$	3,583	$	10,190
Shareholders’ equity		24,129		32,704
	$	27,712	$	42,894

     Note 1: Derived from audited financial statements

GENELABS TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)

	For the three months ended						For the nine months ended
	September 30,						September 30,
	2008			2007			2008			2007
Revenue:
Contract	$	30		$	4,404		$	6,727		$	12,212
Royalty		270			236			711			718
Total Revenue		300			4,640			7,438			12,930
Operating expenses:
Research and development		3,655			3,335			11,916			11,016
General and administrative		1,647			1,672			5,971			4,990
Total operating expenses		5,302			5,007			17,887			16,006
Operating loss		(5,002	)		(367	)		(10,449	)		(3,076	)
Gain on sale of long-term investment		—			—			—			1,189
Interest and other income		124			279			570			876
Net loss	$	(4,878	)	$	(88	)	$	(9,879	)	$	(1,011	)
Net loss per common share – basic and diluted	$	(0.11	)	$	0.00		$	(0.23	)	$	(0.03	)
Weighted average shares outstanding to calculate basic and diluted net loss per common share		43,685			30,186			43,401			29,115