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Decode Genetics' Q3 Revenues Rise 10 Percent, Loss Narrows as Cash Dwindles

NEW YORK (GenomeWeb News) – Decode Genetics reported after the market closed on Thursday that its revenues increased 10 percent and its net loss dropped 26 percent in the third quarter as the firm reduced expenses to preserve its dwindling cash.
The Reykjavik, Iceland-based firm generated revenues of $12 million for the three-month period ended Sept. 30, compared to revenues of $10.9 million for the third quarter of 2007. The company noted that as of the end of the quarter it had $17.7 million in deferred revenue that will be recognized over future reporting periods.
Decode’s net loss fell to $17.9 million, or $.29 per share, from $24.2 million, or $.40 per share, as the firm cut its expenses. The loss includes non-operating expense of $2.9 million related to the revaluation of non-current auction rate security investments held by the firm.
Its R&D costs for the quarter dropped 60 percent to $5.7 million from $14.1 million, and its SG&A spending declined 6 percent to $6.7 million from $7.1 million.
Decode listed $35.5 million in cash and investments as of the end of the quarter, of which $11.8 million is liquid funds available to fund operating activities. The firm said that its third-quarter burn rate was $12 million.
“The company is undertaking a review of its long-term business strategy with the goal of sharpening the focus of its business, selling assets, securing partnerships, and utilizing the resources generated to support product development and marketing efforts in its core business,” Decode said in a statement.
Decode initially informed investors a few weeks ago that it was undertaking the review and would seek to sell non-core assets. In addition, it said that it had elected to utilize a 30-day grace period for the scheduled Oct. 15 interest payment on its outstanding 3.5 percent senior convertible notes due 2011, as it completes the review and considers the sale of those assets.

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