NEW YORK, Feb. 17 (GenomeWeb News) - DeCode Genetics reported lower revenues year-over-year for the fourth quarter of 2003 today, along with a drop in R&D spending and a decrease in net losses.
DeCode reported revenues of $11.7 million for the quarter, compared to $17.4 million for the same period in 2002. The company attributed the drop-off in revenues to the termination of its contract with Applied Biosystems, which expired in 2002 and contributed $6.3 million to its 2002 fourth-quarter revenues.
The company's fourth-quarter R&D expenses declined to $16.1 million from $20.0 million for the same period in 2002.
DeCode's net loss narrowed slightly for the fourth quarter of 2003, to $10.6 million from $10.9 million in the year-ago period.
At the close of 2003, DeCode had $74.7 million in cash and cash equivalents, including $6 million in restricted cash, compared to $93.2 million in cash and cash equivalents at the end of 2002.