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Genaissance Posts Mild Q2 Revenue Growth, Significant Cut in Net Loss

Aug 14, 2003

NEW YORK, Aug. 14 (GenomeWeb News) - Genaissance Pharmaceuticals posted a modest increase in second-quarter revenue amid decreased R&D spending and substantially narrowed net losses.

 

Total revenue for the period ended June 30 inched up to $3.1 million from $1.9 million one year ago.

 

R&D spending, meantime, dipped to $5 million from $6.6 million. As a result, net loss in the second quarter receded to $3.8 million, or $.17 per share, from $13.5 million, or $.59 per share, in the second quarter last year.

 

Genaissance said it had around $23.3 million in cash, cash equivalents, and marketable securities as of June 30.

 

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