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Gene Logic Posts Revenue Surge in Q4; Net Loss Widens Slightly

NEW YORK, Feb. 19 - Gene Logic on Tuesday posted swelling revenue and a  slightly widened net loss in the fourth quarter.

 

For the period ended Dec. 31, total revenue jumped 49 percent to $14 million from $9 million one year ago, the company said. The increase was attributed to new customers for its GeneExpress product line and expanded existing subscriptions.

 

Gene Logic also posted a slight increase in R&D, to $14 million in the current fourth quarter from $13 million in the year-ago period.

 

Fourth quarter net loss widened moderately to $6.0 million, or $.22 per share, from $5.4 million, or $.21 per share, year over year. Gene Logic said that falling interest rates in the quarter caused a decline of $2.4 million, or $.09 per share, contributed to the net loss.

 

Gene Logic, of Gaithersburg, Md., said it had close to $200 million in cash and cash equivalents as of Dec. 31.

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