NEW YORK, Oct. 8 - Celera Genomics' online database business will become profitable by the end of June 2002, Chief Business Officer Peter Barrett told an investor conference here on Monday.
He added that Celera’s acquisition of Axys Pharmaceuticals, announced in June 2001, is expected to close during the current quarter.
Speaking at the UBS Warburg Global Life Sciences Conference, which runs through the end of the week, Barrett said that the 3-year-old company has about $1 billion in the bank and isn’t averse to dipping into that reserve to help it evolve into a biopharmaceutical firm based on diagnostics and drug discovery.
Celera's acquisition of Axys is believed to help with that effort.
Tony White, CEO of Applera, Celera’s parent company, said at the conference that while the company “is concerned about cash burn, we’re not talking about burning down the house.”
“We’re in a pretty good position,” White added. But “the preservation of this asset [cash on hand] is important.”
The company plans to issue financial results of the first quarter, which ended on Sept. 30, later this month.