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Gemini Generates Q3 Revenues from Licensing Fees

NEW YORK, Feb 14 – Gemini Genomics said Wednesday it recorded revenues of $72,000 in fiscal third-quarter 2001, compared with zero revenues in the year earlier quarter, as the result of license fees stemming from the company’s osteoporosis diagnostic effort.

Research and development costs for the quarter totaled $3.3 million, compared with $3.0 million, in the year ago quarter. During the quarter, Gemini of Cambridge, UK, accelerated its clinical and research efforts and expanded its research staff.

The company posted a net loss of $4.2 million, or 12 cents per ADS, compared with a net loss of $5.3 million, or 54 cents per ADS, in third quarter 2000.

As of December 31, 2000, Gemini had cash and cash equivalents of $85.5 million. 

The functional genomics company launched several collaborations during the quarter as part of its effort to enter the diagnostic market. Gemini has a deal with CuraGen to identify potential therapeutics by studying protein interactions and biochemical pathways as well as a deal with Rosetta Inpharmatics to characterize genes associated with particular diseases.

Recently Gemini released with Axis-Shield a new research assay for osteoporosis using Gemini's  patent on the type 1 collagen gene.  

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