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CAT Posts Narrowed Revenue, Widened Loss in Q1

NEW YORK, Feb. 25 - Cambridge Antibody Technology on Monday reported significantly widened loss in its first quarter 2002 atop slightly thinned revenue.

 

For the period ended Dec. 31, CAT said that total revenue came to £1.9 million, or roughly $2.7 million, compared with £2.0 million one year ago.

R&D spending in the quarter, which reached £6.1 million compared with £4.7 million one year ago, led total operating costs of £7.7 million, compared with £6.3 million one year ago, CAT said.

 

As a result, the company posted a nearly doubled net, which it said was £4.0 million in the current quarter compared with £1.9 million year over year.

 

Earlier on Monday, CAT said that it had hired Peter Chambre, Celera's former chief operating officer, to replace David Chiswell as CEO. He is slated to start sometime in April.

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