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Genaissance Pharmaceuticals Revenues Up for Fourth Quarter, Year

NEW YORK, February 12 -- Genaissance Pharmaceuticals of New Haven, Conn., today announced increased revenues for the fourth quarter, ending Dec. 31, 2002, and for the year.

 

The company reported revenues of $2.6 million, compared to $2.2 million for the fourth quarter of 2001, and $8.1 million for the year, compared to $5.3 million for the same period a year ago.

 

The company had a net loss of $5.6 million for the quarter, compared to a loss of $11.4 million for the fourth quarter of 2001, and $33.3 million for the year, compared to $47.6 million for 2001.

 

The company reported cash, cash equivalents and securities totaling $34.2 million.

 

Genaissance restructed in the third quarter 2002, laying off 20 percent of its workforce.   Kevin Rakin, former president and CFO of Genaissance, replaced Gualberto Ruano, a company founder and its CEO since its inception in 1997. In the meantime, the company was able to avoid delisting on the Nasdaq exchange.   

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