NEW YORK (GenomeWeb News) – Decode Genetics said today that second-quarter losses widened 38 percent on falling revenue and soaring research and development costs.
Receipts for the three months ended June 30 dropped 9 percent to $10.4 million from $11.4 million in the same quarter last year.
The company spent about $13.2 million on R&D in the second quarter, up 20 percent from $11 million in the comparable period last year. The increased costs are associated with Decode’s lead drug-discovery and -development programs, the firm said in a statement.
Decode said net loss for the second quarter increased to $18 million from $13 million in Q2 2005. The company attributed the loss to higher R&D costs.
As of June 30, Decode had approximately $115.5 million in cash and short-term investments.