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Gene Logic Posts 41 Percent Rise in Q2 Revenues

NEW YORK, July 30 – Gene Logic of Gaithersburg, Md., said Monday its second quarter revenue surged 41 percent to $9.6 million, compared with $6.8 million in the year ago period, as the company sold several new subscriptions to its GeneExpress databases.

The company now has 18 pharmaceutical and biotechnology customers for its various database modules.

"The company's financial progress and commercial success support our goals of aggressively driving the business towards profitability and continued expansion of our market share," Philip Rohrer, the company’s chief financial officer, said in a statement.

"Our pipeline of prospective customers remains strong and we will continue to devote our resources to increasing the rich and unique content and analytical capabilities of the GeneExpress suite," he said.

Recently, Gene Logic has announced several efforts to expand its offerings and activities. Over the past few months, the company has unveiled a cardivoascular database, taken an equity stake in Metabometrix, a London-based startup studying metabolites in human fluids, and launched a gene expression software platform known as Genesis. 

Gene Logic has also announced its intentions to develop microarray chip technology through the spin off of a new company, MetriGenix.

During the second quarter, Gene Logic’s operating expenses increased to $20.9 million, compared with $15.5 million in the year-ago period. The increase stemmed primarily from investments in building its suite of databases, Gene Logic said.

Net losses widened to $9.4 million, or 35 cents a share, compared with net losses of $4.8 million, or 19 cents a share, in the second quarter of 2000.

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