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Gemini Sees Revenues in Fiscal Year Q4

NEW YORK, May 14 – Gemini Genomics, a clinical genomics company based in Cambridge, UK, posted Monday fourth-quarter revenues of $1.5 million, compared with no revenues in the year ago quarter.

For the company’s 2000 fiscal year, which ended March 31, Gemini recorded revenue of $1.6 million, compared with $200,000 in the year ago period.

The company attributed the increase in revenue to two non-exclusive agreements it signed during the year with CuraGen.

In addition, the company also penned collaborations with Large Scale Biology and Sequenom during its fiscal year 2000.

"Gemini has made important contributions to the field of proteomics during a collaboration with Large Scale Biology, with the identification of over seventy proteins associated with common chronic human diseases, such as osteoarthritis, osteoporosis, cardiovascular disease and obesity,” Paul Kelly, Gemini's CEO, said in a statement.

“In our Sequenom collaboration, we discovered two novel genes related to cardiovascular diseases. Also, we have filed 45 patents and had 10 patents issued over the year,” he said.

Expenses for the fourth quarter rose to $8.2 million, compared with $5.4 million in the year ago period. For the year, expenses jumped to $23.5 million, compared with $15.6 million for the previous year.

The company said the increase in spending reflected its clinical and research efforts in “a number” of gene and target discovery areas as well as an increase in research personnel.

The company reported a foreign currency gain of $4 million in the quarter and $4.4 million for the year, compared with zero for the year ago periods.

For the quarter, Gemini reported net losses of $1.5 million, or four cents per ADS, compared with a net loss of $5.3 million, or 52 cents per ADS in the year ago period. For the year, Gemini had net losses of $13.2 million, or 44 cents per ADS, compared with net losses of $15.4 million, or $1.46 per ADS, for fiscal-year 2000.

As of March 31, 2001, Gemini had total cash resources of $80.7 million, including $1.1 million of restricted cash.

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