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Decode Shares Sink 11.7 Percent On Higher Q1 Loss

May 02, 2006

NEW YORK, May 2 (GenomeWeb News) - Shares in Decode Genetics were down 11.65 percent, or $.89, at $6.75 in mid-afternoon trading after the company said first-quarter losses swelled 20 percent year over year.

 

As GenomeWeb News reported this morning, Decode said total revenues for the three months ended March 31 increased approximately 6-percent though net loss swelled 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.

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