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Accelr8's Q2 Revenues Drop Sharply As Novartis Deal Ends

NEW YORK (GenomeWeb News) – Accelr8 reported last week that its fiscal second-quarter revenues plummeted to $8,328 from $313,568 a year ago as a result of the expiration of an agreement with Novartis.

For the three months ended Jan. 31, technical development fees dropped to zero from $310,408 a year ago, Accelr8 said in its Form 10-Q filed with the US Securities and Exchange Commission. As reported last October by GenomeWeb Daily News, an agreement with Novartis to evaluate Accelr8's BACcel platform expired without Novartis renewing it.

All of Accelr8's revenues during the quarter came from OptiChem technology, which rose from $3,160 a year ago. The increase was the result of increased royalties from sales of protein microarray slides by Schott, Accelr8 said.

The firm's R&D costs were reduced 17 percent year over year to $88,878 from $107,111, while SG&A costs rose 4 percent to $198,309 from $190,272.

Accelr8's net loss for the quarter was $323,189, or $.03 per share, compared to a net loss of $26,360, or break-even, a year ago.

Acccelr8 ended the quarter with $512,027 in cash and cash equivalents.

In its SEC document, the Denver-based firm said that it will need an additional $600,000 in capital to keep operations running for the next 12 months.

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