EXHIBIT 12.1

NPS PHARMACEUTICALS, INC

STATEMENT REGARDING COMPUTATION

OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands)



|                                                                                                                                         |  |                         |         |   |      |   |         |      |  |   |          |   |  |      |          |   |  |   |          |  
|---------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- | ------- | - | ---- | - | ------- | ---- |  | - | -------- | - |  | ---- | -------- | - |  | - | -------- | -
|                                                                                                                                         |  | Year Ended December 31, |        
|                                                                                                                                         |  | 2001                    |         |   | 2002 |   |         | 2003 |  |   | 2004     |   |  | 2005 |         
|Earnings (Loss)                                                                                                                          |  |                         |         |   |      |   |         |      |  |   |          |   |  |      |          |   |  |   |          |  
|Pre-tax loss before adjustments for income equity from investees and cumulative effect on prior years of changes in accounting
principle |  | $                       | (51,329 | ) |      | $ | (87,127 | )    |  | $ | (172,925 | ) |  | $    | (166,618 | ) |  | $ | (169,778 | )
|Total fixed charges                                                                                                                      |  |                         | 399     |   |      |   | 381     |      |  |   | 4,134    |   |  |      | 8,297    |   |  |   | 25,937   |  
|Distributed income of equity investees                                                                                                   |  |                         | 1,661   |   |      |   | 193     |      |  |   |         |   |  |      |         |   |  |   |         |  
|                                                                                                                                         |  |                         |         |   |      |   |         |      |  |   |          |   |  |      |          |   |  |   |          |  
|Total losses before fixed charges                                                                                                        |  | $                       | (49,269 | ) |      | $ | (86,553 | )    |  | $ | (168,791 | ) |  | $    | (158,321 | ) |  | $ | (143,841 | )
|                                                                                                                                         |  |                         |         |   |     
|Fixed Charges                                                                                                                            |  |                         |         |   |      |   |         |      |  |   |          |   |  |      |          |   |  |   |          |  
|Interest expense                                                                                                                         |  | $                       | 5       |   |      |   |        |      |  | $ | 3,718    |   |  | $    | 7,527    |   |  | $ | 25,119   |  
|Assumed interest attributable to rentals                                                                                                 |  |                         | 394     |   |      |   | 381     |      |  |   | 416      |   |  |      | 770      |   |  |   | 818      |  
|                                                                                                                                         |  |                         |         |   |      |   |         |      |  |   |          |   |  |      |          |   |  |   |          |  
|Total fixed charges                                                                                                                      |  | $                       | 399     |   |      | $ | 381     |      |  | $ | 4,134    |   |  | $    | 8,297    |   |  | $ | 25,937   |  
|                                                                                                                                         |  |                         |         |   |      |   |         |      |  |   |          |   |  |      |          |   |  |   |          |  
|Deficiency of earnings available to cover fixed charges                                                                                  |  | $                       | (49,668 | ) |      | $ | (86,934 | )    |  | $ | (172,925 | ) |  | $    | (166,618 | ) |  | $ | (169,778 | )
|                                                                                                                                         |  |                         |         |   |      |   |         |      |  |   |          |   |  |      |          |   |  |   |          |  
|Ratio of earnings available to cover fixed charges                                                                                       |  |                         |         |   |      |   |         |      |  |   |          |   |  |      |          |   |  |   |          |  

For the years ended December 31, 2001, 2002, 2003, 2004 and 2005 our earnings were insufficient to cover
fixed charges for those periods by $49,668, $86,934, $172,925, $166,618 and $169,778, respectively. In calculating the ratio of earnings available to cover fixed charges, earnings consist of pre-tax income (loss) before adjustments for
income from equity investees, plus fixed charges and distributed income from equity investees. Fixed charges consists of interest expense and estimated interest included in rental expense.