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Gene Logic Q1 Revenues Fall 2 Percent as R&D Spending Swells

NEW YORK, April 22 (GenomeWeb News) - Gene Logic today said that first-quarter revenues fell 2 percent to $19.7 million from $20.2 million year over year.

Net loss for the three months ended March 31 improved 25 percent to $4 million, or $0.13 per basic share, from $5 million, or $0.18 per basic share, in the year ago period.

Gene Logic spent $1.5 million on R&D in the period, compared to $300,000 in the first quarter of last year.

As of March 31, Gene Logic said it had around $64 million in cash and cash equivalents on hand.

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