Skip to main content

Genaissance Posts Dramatic Surge in Q4 Revenue; Losses Remain Flat

NEW YORK, Feb. 1 - Genaissance Pharmaceuticals on Friday posted a dramatic surge in fourth-quarter revenue and a relatively flat net loss compared with the same period one year ago.

 

Total revenue for the three months ended Dec. 31 were $2.2 million, a 289 percent increase over the $566,000 Genaissance posted one year ago.

 

R&D spending in the quarter dipped slightly to $12 million from $12.6 million in the year ago period, and the company reported a net loss of $11.4 million, or $.50 per share, compared with $11.3 million, or $.50 per share in the fourth quarter last year.

 

Genaissance had roughly $60 million in the bank at the end of fiscal 2001, it said.

"Last year we focused our attention on scaling up our technology and building the infrastructure to support our commercialization efforts," Kevin Rakin, president and CFO of Genaissance, said in statement. "With that completed, our resources are now focused on ... continuing to sign new partners from which we can obtain a recurring revenue stream as well as drug royalties."

 

Separately on Friday, Genaissance and Biogen struck a partnership that will marry Genaissance's pharmacogenomic tests with new drug targets and drugs currently in development at Biogen. The companies plan eventually to market the two in tandem.

The Scan

Response Too Slow, Cautious

A new report criticizes the global response to the threat of the COVID-19 pandemic, Nature News reports.

Pushed a Bit Later

Novavax has pushed back its timeline for filing for authorization for its SARS-CoV-2 vaccine, according to Bloomberg.

AMA Announces Anti-Racism Effort

The Associated Press reports that the American Medical Association has released a plan to address systemic racism in healthcare.

Nucleic Acids Research Papers on miRMaster 2.0, MutationTaster2021, LipidSuite

In Nucleic Acids Research this week: tool to examine small non-coding RNAs, approach to predict ramifications of DNA variants, and more.