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Deltagen Reports Loss, Increased Revenues for Q1

NEW YORK, May 16 - Deltagen, after downsizing the company earlier this year, reported increased revenues for the first quarter yesterday.

 

The company had revenues of $4.6 million for the first quarter, compared to $2.6 million during the same period last year. Its losses in the first quarter totaled $18.0 million, slightly down from $18.7 million a year ago. This includes $9.3 million in restructuring charges related to the downsizing of the company.

 

Deltagen's R&D expenses decreased significantly to $10.1 million, down from $16.8 million for the first quarter of last year.

 

In April, Deltagen secured a bridge loan of $5 million as well as a private placement of $10 million from existing institutional investors.

 

As of March 31, the company had $2.7 million in cash, cash equivalents, and marketable securities, compared to $13.8 million at the end of December, 2002.

 

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