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DeCode s Q2 Revenues Jump on Higher Milestone Payments from Roche

NEW YORK, Aug 15 – DeCode of Reykjavik, Iceland reported a 62 percent increase in second-quarter revenues, which rose to $6.2 million, compared with $3.8 million in the year ago period, as the company received increased milestone payments from its drug discovery collaboration with Roche. 

"We are very encouraged by our robust second quarter revenue figures, as they validate our overall strategy of continuing to ramp up our research and development activities with the focused goal of turning deCODE's unique resources into products on the market," Kari Stefansson, DeCode’s CEO, said in a statement released Tuesday.

The population genomics company also said that at the end of the second quarter it had $14.6 million in deferred research revenue on its books, reflecting the company’s future sales.

Recently, DeCode also announced a host of new partnerships. During the past month, Affymetrix and DeCode Genetics signed an agreement to develop DNA-based tests for patient response to common disease treatments using Affymetrix GeneChip technology. Applied Biosystems also said it would incorporate DeCode’s bioinformatics tools in its instruments. 

In June, DeCode and Roche Diagnostics completed a five-year deal to co-develop DNA-based diagnostics.

Also during the quarter, DeCode established two alliances with Germany’s Genmab to predict responsiveness to particular treatments and to jointly develop antibody therapeutics.

For the second quarter, DeCode’s operating expenses increased as higher research and development failed to offset the drop in general and administrative costs. For the period, R&D costs rose to $16.3 million from $10.0 million in the year ago period.

General and administrative expenses fell 22 percent in the quarter to $3.7 million from $4.8 million.

The operating loss for the second quarter widened to $13.9 million, compared with $10.9 million in the year ago period.

The company reported a net loss of $12.3 million, or 28 cents a diluted share, compared with $15.0 million, or $1.94 a diluted share in the same period in 2000. 

At the end of the quarter, DeCode had $154.6 million in cash and cash equivalents.

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