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.