NEW YORK, Aug. 14 - Decode genetics yesterday reported a surge in second-quarter total revenue and said that an increase in R&D spending caused the company's net loss to swell.
Total revenue for he period ended Jun 30 were $13.4 million, a 116-percent jump over the $6.2 million the company posted one year ago.
R&D spending in the quarter increased to $23.3 million from $16.3 million in the same quarter in 2001, in line with overall operating expenses, which grew to $29 million from $20 million in the second quarter 2001, Decode said.
As a result, the company recorded an increase in net losses in the quarter to $16.8 million, or $.32 per share, from $12.3 million, or $.28 per share, year over year.
Decode said it had roughly $121.4 million in cash and cash equivalents as of June 30.
Click here for more information.