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Gene Logic Reports 38 Percent Increase in Q2 Revenues

NEW YORK, July 25 - Gene Logic of Gaithersburg, Md. today reported a 38 percent year-over-year increase in second quarter revenues, from $14.1 million in 2002 to $19.4 million in 2003.


The increase in revenues entirely reflected contribution fees from Gene Logic's acquisition of Therlmmune Research, according to the company. This is the first quarter for which earnings reflected the acquisition of Therlmmune. The acquisition deal was completed April 1.


Net losses for the company were $4 million, compared with $4.4 million in the year-ago period.


The company's R&D expenses decreased from $637,000 in Q2 2002 to $463,000 in Q2 2003.


As of June 30, the company had $71 million in cash and cash equivalents.




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