NEW YORK, May 5 (GenomeWeb News) - Ciphergen reported yesterday that its first-quarter revenues grew 6.3 percent to $7.1 million from $6.6 million during the year-ago quarter, while its first quarter net loss declined 41 percent to $5.5 million from $9.3 million during the first quarter of 2005.
Research and development costs dropped to $2.9 million from $3.5 million a year ago.
As of March 31, the company had $24.4 million in cash and cash equivalents. An additional $6.5 million is available under a loan agreement with Quest Diagnostics, Ciphergen said.
The company said in a statement that a shareholder class action suit that was brought against the firm in December was dismissed on March 29.