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DeCode's Q1 Revenue Falls 15 Percent as R&D Spending Slides and Loss Widens

NEW YORK (GenomeWeb News) — DeCode Genetics today said first-quarter revenues decreased 15 percent as R&D spending dropped 18 percent and losses rose 9 percent.
Total receipts for the three months ended March 31 fell to $8.6 million from $10.1 million year over year.
DeCode said it also had $11.6 million in deferred revenue at the close of the first quarter, which it will recognize over future periods.
R&D spending fell to $12.7 million from $15.5 million year over year.
The company said losses increased to $22.6 million from $20.7 million in the year-ago period.
CEO Kari Stefansson said the company said it plans to launch other diagnostic tests this year, and said the company’s results reflect its focus on “advancing and expanding our product pipeline, therapeutics and diagnostics.
DeCode said it had around $135.1 million in cash, cash equivalents, and investments as of March 31.

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