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Aclara, Punished by Lawsuit Settlement Costs, Posts Bruising Q2 Losses

NEW YORK, Aug. 1 - Aclara Biosciences reported a reduction in total second-quarter revenue atop increased R&D spending and a significantly widened net loss.

For the three months ended June 30, Aclara reported total revenues of $673,000 compared with $849,000 for the same period one year ago. R&D spending in the quarter increased to $6.4 million from $5.5 million year over year. In addition, the company was forced to shell out $1.8 million as part of a settlement of a lawsuit with with Caliper Technologies last January.

As a result, net loss in the quarter ballooned to $9.9 million, or $.27 per share, from $3.2 million, or $.09 per share, in the second quarter 2001, Aclara said.

 

Aclara, which yesterday said announced plans to lay off 50 of its staff as it redirects its business strategy away from microfluidics, had roughly $45.8 million in cash and cash equivalents as of June 30.

 

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