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Accelr8's Q1 Revenues Fall 57 Percent

NEW YORK (GenomeWeb News) – Fiscal first-quarter revenues for Accelr8 declined 57 percent year over year, the company disclosed after the close of the market on Wednesday.

In its Form 10-Q filed with the US Securities and Exchange Commission, Accelr8 said that for the three months ended Oct. 31, revenues fell to $202,008 from $466,362 a year ago. The drop-off resulted primarily from a Qualified Therapeutic Discovery Grant of $244,479 that the company received in the first quarter of 2010. Acceler8 received no such revenue from the program during the most recently completed quarter.

The program was implemented by the federal government last year in order to support startup firms doing biomedical research.

Also, technical development fees dropped to $140,000 from $210,000 in the comparable period, due to Novartis ending an agreement with Accelr8 for the evaluation of the BACcel platform without exercising an option to license the technology. Accelr8 said it is seeking a long-term strategic partner to assist in developing, manufacturing, and commercializing the system.

The firm's OptiChem revenues in the quarter inched up to $12,008 from $11,883, and Accelr8 netted $50,000 in product licensing fees, compared to none a year ago.

Accelr8's R&D spending for the first quarter was reduced to $104,162, down 6 percent from $111,050 a year ago. Its SG&A costs rose 92 percent to $463,153 from $241,560.

Accelr8 posted a net loss of $430,274, or $.04 per share, for the quarter, compared to a profit of $67,250, or $.01 per share, a year ago.

The company ended the quarter with $584,985 in cash and cash equivalents.

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