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Decode s Q4 Revenues Decline Slightly as Loss Nearly Doubles

NEW YORK, March 4 (GenomeWeb News) - Decode Genetics yesterday reported slightly decreased revenues for the fourth quarter of 2004, while losses almost doubled.

 

Revenues totaled $11.2 million for the quarter, down from $11.7 million during the same period a year ago.

 

R&D expenses increased to $8.7 million from $5.8 million during the fourth quarter of 2003. This increase was mainly due to costs associated with clinical trials for two compounds, according to Decode.

 

Decode's net loss for the further quarter was $19.4 million, or $.36 per share, up from $10.6 million, or $.20 per share, during the same period in 2003. This steep increase resulted from costs of clinical trials, debt service, and the impact of foreign exchange fluctuations, according to the company.

 

As of Dec. 31, 2004, Decode had $198.3 million in cash and investments, including restricted cash, cash equivalents, marketable securities, and other investments.

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