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Epoch Biosciences Said Increased Sales of MGB Eclipse Helped Buoy Sales in Q3

NEW YORK, Oct. 26 (GenomeWeb News) - Epoch Biosciences today reported increased losses amidst rising revenues for the third quarter, mainly due to a non-cash charge.

 

Total revenues for the quarter ended Sept. 30 increased to $2.4 million from $2 million during the same period last year. This is due both to an increase in product sales, led by the MGB Eclipse products, and an increase in license fees and royalties.

 

Epoch's R&D costs decreased to $918,000 from $952,000 during the same quarter a year ago.

 

The company's net loss for the quarter increased to $1.2 million, or $.04 per share, from $332,000, or $.01 per share, during the same period last year. This increase resulted from a $823,000 non-cash charge resulting from the termination of a technology license from Incyte, and changes in the fair value of common stock warrants of $34,000, according to the company. Excluding these, net loss would have been $426,000, or $.01 per share.

 

As of Sept. 30, Epoch held $8.5 million in cash and cash equivalents, and $102,000 in restricted cash.

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