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Genaissance Pharmaceuticals Reports Increased Revenues for Q3

Nov 12, 2003

NEW YORK, Nov. 12 (GenomeWeb News) - Genaissance Pharmaceuticals of New Haven, Conn., today reported revenues of $2.6 million for the third quarter ending Sept. 30, an increase of 47 percent over revenues of $1.8 million for the year-ago quarter.

 

The company cited the was primarily based on revenues from DNA Sciences. Genaissance purchased the assets of DNA Sciences, which filed for Chapter 11 bankruptcy, for $1.35 million in May.

 

For the quarter, Genaissance reported a net loss of $5.8 million, compared to $5.2 million for the third quarter 2002.

 

Research and development expenses were $6.1 million for the quarter, compared to $4.7 million for the year-ago quarter.

 

The company reported cash, cash equivalents, and marketable securities of $17 million on hand as of Sept. 30.

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