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DeCode Slashes Loss, Sees Slight Gain in Revenues

NEW YORK, Aug. 13 (GenomeWeb News) - DeCode Genetics slashed its net loss nearly by half for the second quarter and reported narrow revenue growth today.


The company had revenue of $10.5 million for the second quarter, ending June 30, compared to $9.4 million for the year-ago quarter. Net loss was $10.2 milllion, compared to $19.7 million for the same period in 2002.


The firm cut its research and development expenditures to $16.7 million for the quarter, compared to $24 million for the second quarter, 2002.


The Iceland-based firm said it has $77 million in cash and cash equivalents at the close of the quarter on June 30.


The company said it had $12.7 million in deferred revenue, which will be recognized in future reporting periods.


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