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Epoch Said Strong Q2 Sales, Lower R&D Helped Keep Net Loss Static

NEW YORK, July 30 - Epoch Biosciences today said strong second-quarter  product sales helped drive total revenue, while a slight decrease in R&D spending helped keep net loss unchanged.

 

For the three-month period ended June 30, Epoch said total revenue climbed to $2.5 million from $1.8 million on year ago. Product sales, which grew to $1.7 million from $1.1 million in the year-ago period, led the growth followed by a modest growth in licensing fees and royalties, the firm said.

 

R&D spending in the current second quarter, meanwhile, fell to $1.1 million from $1.2 million year over year, according to Epoch. Spending on sales and marketing, however, increased to $319,000 in the second quarter 2002 from $106,000 in the same period one year ago.

 

As a result, Epoch said second-quarter net loss was virtually unchanged year over year at $1.2 million, or $.05 per share.

 

The company said it had roughly $5 million in cash and cash equivalents as of June 30. It had about $8.4 during the same period one year ago.

 

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