NEW YORK, May 11 (GenomeWeb News) - Genaissance Pharmaceuticals today reported a 74 percent increase in first-quarter revenues, while its losses remained flat and R&D spending increased slightly.
For the three months ended March 31, 2004, the company reported $3.7 million in revenue, up from $2.1 million in the prior-year period.
Genaissance's net loss for the first quarter was $4.8 million, or $.21 per share, compared to $4.7 million, also $.21 per share, for the three months ended March 31, 2003.
The company spent $5.0 million on R&D during the first quarter of 2004, up from $4.7 million in the same period of 2003.
As of March 31, 2004, Genaissance had cash, cash equivalents, and marketable securities totaling $11.4 million, compared to $16.8 million as of Dec. 31. 2003.
Based on its acquisition of Lark Technologies, which closed April 2, Genaissance provided guidance for the remainder of 2004, projecting revenues "in excess" of $25 million, with a net loss of between $14 and $15 million.
Kevin Rakin, president and CEO of Genaissance, said the company expects to launch its first molecular test, called Familion, for cardiac ion channel mutations, later this month.