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Decode Logs 13-Percent Drop in Q4 Revenues Amid Swelling R&D Costs and Loss

NEW YORK, March 7 (GenomeWeb News) - Decode Genetics yesterday reported an approximately 13-percent decrease in revenues amid escalating losses for the fourth quarter.

 

Decode's revenues for the three months ended Dec.31, 2005, dropped to $9.8 million from $11.2 million year over year.

 

Research and development expenses increased nearly 60 percent to $13.7 million for the fourth quarter from $8.7 million for the same period in 2004, Decode said, primarily to support its drug-development programs.

 

The company's net loss grew to $21.1 million from $19.4 million in the year-ago period. Decode attributed the spike in net loss to the increased R&D expenses.

 

Decode had $155.6 million in cash and investments on hand asof Dec. 31.