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Expanded R&D Drives Higher Q2 Losses for Celera Diagnostics

NEW YORK, Jan. 23-Celera Diagnostics today reported a big jump in revenues and an uptick in losses for the second quarter of fiscal year 2003.

 

Losses were $9.9 million for the quarter, up from $8.5 million for the same quarter last year.

 

The bigger loss was driven by higher R&D spending, the company said. Celera Diagnostics spent $12.6 million on research and development in the three months of the second quarter, compared with $7.5 million during the same period last year.

 

Revenues for the quarter ended Dec. 31, 2002 were $7.8 million, up from the $1.9 million reported for the same period in 2001. The influx in money came primarily from a research collaboration with Abbott Laboratories,  and will fluctuate depending on each partner's expenses.

 

Abbott said last week that it will stop selling LCx assays for chlamydia and gonorrhea. These sales were to account for part of Celera Diagnostics' revenues beginning July 1, 2003. The two companies have struck an amendment to their agreement that will compensate Celera Diagnostics for these lost revenues, but Celera management did not provide financial details.

 

The company anticipates losses of $50 to $60 million for fiscal 2003 and net cash burn of $55 to $65 million for the year.

 

Celera Diagnostics is a joint venture between Celera Genomics and Applied Biosystems.

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