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CombiMatrix, Lacking Roche Revenue, Posts Steep Decline in Q1 Receipts As Profit Turns to Loss

NEW YORK, April 28 (GenomeWeb News) - Acacia's CombiMatrix group yesterday reported a steep decline in revenues and a net loss for the first quarter of 2005.


Revenues for the quarter were $1.1 million, down from $17.6 million during the same quarter in 2004. Last year's figures included $17.3 million in deferred revenues from CombiMatrix's alliance with Roche.


R&D costs decreased slightly, to $1.1 million, from $1.4 million during last year's first quarter.


CombiMatrix's net loss for the quarter was $3.1 million, compared to a profit of $11.9 million during the same quarter in 2005, which was primarily driven by the recognition of the Roche contract revenues in that quarter.


As of March 31, CombiMatrix had $20.4 million in cash, cash equivalents, and short-term investments.