NEW YORK (GenomeWeb News) — DeCode Genetics today said fourth-quarter revenues increased 17 percent as R&D spending rose 4 percent and lossed increased 10 percent.
Total receipts for the three months ended Dec. 31, 2006, rose to $11.5 million from $9.8 million year over year. DeCode said it has $9.8 million in deferred revenue which will be “recognized over future reporting periods.”
R&D spending increased to $14.2 million from $13.7 million year over year.
The company said losses increased to $23.2 million from $21.1 million in the year-ago period.
The increase in losses came from increased selling and other costs, and on increased R&D spending for clinical trials of the company’s arterial thrombosis and heart attack drugs, which are in Phase IIa and Phase I trials, respectively.
DeCode said it had around $152 million in cash and investments as of Dec. 31.