NEW YORK, May 2 (GenomeWeb News) - Decode Genetics yesterday reported an approximately 6-percent increase in first-quarter revenues despite escalating losses.
Decode's revenues for the quarter ended March 31 rose to $10.1 million from $9.5 million year over year.
Decode said that R&D expenses for the first quarter swelled to $14.9 million from $8.3 million year over year.
The company's net loss swelled 20 percent to $20.3 million from $16.9 million in the year-ago period. Decode attributed the increase to higher R&D costs related to clinical trials and preclinical development work in the company's lead drug-development programs.
As of March 31, Decode had $140 million in cash and cash investments.