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Decode s Q1 Revenues Rise 6 Percent As Losses Swell 20 Percent

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.

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