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Accler8's FY 2011 Revenues Drop 50 Percent

NEW YORK (GenomeWeb News) – Accler8's fiscal full-year 2011 revenues dropped by half, the company disclosed after the close of the market on Thursday.

In its annual earnings report filed with the US Securities and Exchange Commission, the Denver-based firm said that revenues for the year ended July 31, 2011, came in at $1.1 million, compared to $2.2 million a year ago.

While technical development fees increased to $842,408 from $290,000 a year ago, licensing fees fell to zero from $1.8 million a year ago. Revenue from its OptiChem technology, a surface coating used for microarray components, also was sliced to $34,279 from $113,032 in 2010. Accelr8 has licensed the use of the OptiChem technology to Schott, NanoString, and Nanosphere.

The firm's other revenue for 2011 came from a Qualified Discovery Therapeutic Grant for $244,479.

Accelr8's R&D expenses for 2011 fell 9 percent to $454,997 from $501,600 in 2010. Its SG&A expenses declined 7 percent to $810,078 from $869,348.

The firm posted a net loss of $378,761, or $.04 per share, in 2011, compared to a profit of $641,747, or $.06 per share, for 2010.

The company finished the year with $775,856 in cash and cash equivalents.

Earlier this month, Accelr8 disclosed that Novartis had chosen not to extend a deal to evaluate its BACcel system.

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