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Contract Delays Force Genaissance to Cut 2004 Revenue Outlook by 20 Percent

NEW YORK, Oct. 21 (GenomeWeb News) - Genaissance Pharmaceuticals lowered by around 20 percent its year-end revenue expectations, to between $20 million and $21 million from $25 million, the company said today.

 

Genaissance also said it hopes to issue shares to help pay for the development of vilazodone, a selective serotonin-reuptake inhibitor the company licensed from Merck (see 9/30/2004 issue of Pharmacogenomics Reporter).

 

The New Haven, Conn.-based pharmacogenomics company said the fall-off is due to a delay of certain anticipated contracts and samples associated with some of these contracts. "Our business is partly influenced by our customers' drug development timelines that can cause a delay in the timing of revenues," Kevin Rakin, Genaissance president and CEO, said in a statement. "Overall, we believe we can grow our revenue in 2005 in excess of 20 percent over 2004," he added.

 

Recurring operating expenses for the second half of the year will be similar to those in the first half, adjusting for the second-quarter acquisition of Lark and other non-recurring charges, Genaissance said. The firm will announce its third-quarter earnings on Nov. 9.

 

Genaissance is diversifying into new markets, particularly agricultural genotyping, Rakin said in the statement. In particular, Rakin cited the company's recent animal-traceability genotyping collaboration with Pyxis Genomics, and its porcine-tracing genotyping.

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