NEW YORK, May 16 – DeCode Genetics’ revenues rose nine percent to $5.0 million in the first quarter as milestone revenues increased.
Expenditures for the quarter more than doubled to $20.2 million, compared with $9.2 million in the year ago period as the company expanded its research activities and incurred higher general and administrative expenses.
During the first quarter, DeCode delivered schizophrenia and peripheral arterial occlusive targets to Roche as part of its alliance to develop diagnostics. The company said it expects to post near- and medium-term revenue growth stemming from milestone payments related to the five-year alliance, details of which are scheduled to be announced during the next few weeks.
DeCode of Reykjavik, Iceland, said it also entered new partnerships in gene discovery, pharmacogenomics, database services, and bioinformatics.
The company had net losses of $16.1 million, or 37 cents a share, compared with net losses of $6.9 million, or 23 cents a share, a year ago.
As of the end of March DeCode had about $172 million in cash and cash equivalents.