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DeCode Reports Decreased Revenues, Mounting Losses in Q2

NEW YORK, July 28 (GenomeWeb News) - DeCode Genetics today reported a slight drop in revenues and increased net losses for the second quarter of 2004.

 

DeCode's revenues fell to $9.6 million in Q2 2004 from $10.5 million for the same quarter last year. The company said that at the close of the second quarter, it had $16.1 million in deferred research revenue as compared to $12.7 million for Q4 2003, an increase it attributed to cash received under its recent alliance with Merck.

 

Net losses for the second quarter totaled $13.3 million, versus $10.2 million for the same period last year. DeCode cited slower revenues, higher interest expense related to convertible debt, and higher general and administrative expenses as reasons for the increased losses.

 

The company spent $15.7 million on R&D in Q2 2004, down from the $16.7 million it spent in the year ago period. At the close of the second quarter, DeCode had $226.3 million in cash and short-term investments.

 

DeCode, based in Reykjavik, said it would hold a conference call and webcast tomorrow, Thurs., July 29, at 8 a.m. EDT to discuss the Q2 results.

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