This article has been corrected from a previous version. Adam Chazan does not cover Genaissance for Pacific Growth, and the reported cash burn rate of $3 million and total cash on hand were incomplete figures.
NEW YORK, May 3 (GenomeWeb News) - Shares in Genaissance sank more than 9.3 percent, or $.10, to $.98 in late-afternoon trading despite the company posting a 51-percent increase in total revenue and a 34-percent decline in net losses.
Total receipts for the three months ended March 31 increased to $5.6 million from $3.7 million year over year. Revenues from licensing and research were flat at $2.9 million, though receipts from lab services swelled to $2.7 million from $860,000 in the year-ago quarter.
Genaissance said it spent $3.3 million on R&D, down from $5 million during the first quarter 2004.
Net losses in the period fell to $3.1 million, or $.09 per basic share, from $4.7 million, or $.21 per basic share, year over year.
Genaissance said it had around $5.9 million in cash and equivalents as of March 31.
"There is also $1.3 million of non-cash charges, so the cash loss is only $1.7 million [per quarter]. And we added $2 million of cash at the end of the quarter," Ben Kaplan, the company's CFO, told GenomeWeb News. Genaissance's current cash on hand is about $8 million, said Kaplan.