NEW YORK, Dec. 16 (GenomeWeb News) - Accelr8 Technology today said that despite quadrupling its total revenue for the first fiscal quarter for 2006, net losses widened.
The company said total revenues for the three months ended Oct. 31 increased to $86,388 from $21,724 in the year-ago period
Net loss for the quarter increased 51 percent to $772,000, or $.08 per share, from $509,800, or $.05 per share, year over year, the Denver-based company said.
The company reported research and development expenses of $573,000 for the quarter, a 182-percent increase over the $203,000 reported for the same quarter last year. The increase is attributed to the development of the BACcelr8r diagnostic system.
Accelr8 expects to complete studies on materials and processes for the system and begin selling it in fiscal 2006, the company said.
Acceler8 reported cash and cash equivalents of $4.9 million on hand as of Oct. 31.