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.