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Decode Q1 Revenue Falls, Net Loss Narrows

NEW YORK (GenomeWeb News) April 28 - Iceland's Decode Genetics today reported revenue of $10.3 million and a net loss of $12 million for its first quarter ending March 31.


In the same quarter last year, the company reported revenue of $11.8 million and a net loss of $13 million.


The company said it has accrued $19 million in deferred research revenue, an increase of $6 million over the same quarter in 2003, reflecting cash received under the company's alliance with Merck. This, and other deferred revenue, the company said, will be recognized over future reporting periods.


Decode spent $15.4 million in research in development in its first quarter, compared to $19.7 million for the same quarter in 2003.


The company had $97 million in cash and cash equivalents on hand as of March 31.


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