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Gene Logic Q4 Revenues Rise 12 Percent, Net Loss Halved

This article has been updated from a previous version to include marketable securities as part of Gene Logic's liquid assets.

NEW YORK, Feb. 24 (GenomeWeb News) - Gene Logic reported today that 2005 fourth quarter revenue rose 12 percent in 2004 to $22.4 million from $20.1 million in the fourth quarter of 2004.

Gene Logic's genomics services business reported its fourth profitable quarter in a row and a 27-percent increase in revenue to $17.5 million from $13.8 million in the fourth quarter of 2004. 

Revenues for the firm's nonclinical services group fell, however, to $4.7 million from $6.3 million in the year-ago period, while the newly launched drug-repositioning business posted $272,000 in revenue for the quarter. 

The company's losses narrowed in the fourth quarter to $2.1 million, or $.07 per share, from $4.0 million, or $.13 per share, a year ago. Losses reflect the final purchase price allocation of $300,000 related to purchased R&D write-off in connection with the company's purchase of the Horizon drug-repositioning business from Millenium Pharmaceuticals in 2004.

R&D spending increased to $2.2 million from $1.1 million in the year-ago period.

As of Dec. 31, the company had approximately $82.1 million in combined cash, cash equivalents and marketable securities available-for-sale. Of that, $44.0 million is in the form of cash and cash equivalents.