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CombiMatrix Reports 94-Percent Jump in Q3 Revenue, Though Losses Jump 10 Percent

NEW YORK, Oct. 21 (GenomeWeb News) - CombiMatrix today reported a 94-percent increase in third-quarter revenues atop a jump in R&D spending and widened net losses.

 

Total receipts for the period ended Sept. 30 increased to $1.5 million from $753,000 year over year, the Acacia unit reported. The brunt of the growth came from product sales and services, which increased to $490,000 in the third quarter 2005 from $68,000 in the prior year. Revenue from government contracts increased to $973,000 from $685,000.

 

R&D costs increased 34 percent to $1.5 million from $1.1 million in the year-ago period.

 

Net losses in the third quarter widened almost 10 percent to $3.9 million from $3.5 million, CombiMatrix said.

 

The unit had around $24.7 million in cash and short-term investments as of Sept. 30.

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