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Decode s Revenues Drop 8 Percent, Losses Widen in Q1

NEW YORK, May 3 (GenomeWeb News) - Decode Genetics yesterday reported an 8-percent drop in revenues and a widened net loss for the first quarter of 2005.

 

Revenues for the quarter totaled $9.5 million, down from $10.3 million for the same period a year ago. This decrease reflects the company's new focus on drug discovery and development, according to Decode. The company said it also had $17.5 million in deferred research revenue on March 31, which it will recognize in future quarters.

 

Research and development costs almost doubled to $8.3 million from $4.3 milion during last year's first quarter. This increase results mainly from the cost of clinical trials of Decode's drug-development programs.

 

Decode's net loss widened to $16.9 million from $12 million during the year-ago quarter.

 

As of March 31, Decode had $197.6 million in cash, cash equivalents, and investments, including restricted cash.

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