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DeCode, Spending More on Clinical Trials, Reports Ballooning Losses, Smaller Revenues in Q3

NEW YORK, Nov. 3 (GenomeWeb News) - DeCode Genetics yesterday reported reduced revenues and a gaping net loss for the third quarter of the year, mainly related to higher R&D costs for its drug-development programs.

 

The Icelandic phamacogenomics company booked $11 million in revenues for the quarter ended Sept. 30, down from $12.8 million during the same period last year. Part of this decrease resulted from deferred milestone payments made by Merck, DeCode said in a statement.

 

R&D expenses soared to $6.5 million from $250,000 during the year-ago period, mainly the result of a recently completed phase IIa clinical trial and preparations for upcoming clinical studies. Also, DeCode's R&D costs were especially low a year ago because of a one-time non-cash reversal of accrued license fees.

 

DeCode's net loss climbed to $12.5 million, or $.23 per share, from $1.3 million, or $.03 per share, for the same quarter last year.

 

As of Sept. 30, DeCode had $215.2 million in cash and short-term investments.

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