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DeCode Posts Q1 Revenue Increase, Narrowed Losses

NEW YORK, May 14 - DeCode Genetics reported an increase of first-quarter revenues today, amid narrowed net losses.

 

The Reykjavik, Icelandpopulation genomics company had revenues of $11.8 million for the first quarter, compared to $5.3 million for the same period last year.

 

The company's R&D expenses increased slightly to $19.8 million, compared to $18.8 million for the year-ago period. DeCode said this increase partly reflected the acquisition of its pharmaceuticals and biostructures groups.

 

In total, the company's net losses came to $13.0 million, compared to $15.9 million for the first quarter of 2002.

 

As of March 31, DeCode had $79.2 million in cash and cash equivalents.